Greenwood Gearhart merges with Boston Mountain Money Management
by October 21, 2024 10:53 am 1,518 views
Fayetteville-based Greenwood Gearhart Inc., the largest locally owned independent wealth management firm in Northwest Arkansas, has merged with Boston Mountain Money Management. Financial terms of the deal were not disclosed.
According to a Monday (Oct. 21) news release, the combined firm now manages about $1.6 billion for more than 1,000 clients in 37 states.
Asked whether this was an acquisition or merger, a company spokesperson said, “It is more of a merger.” The combined firm has 20 staff, including the two new employees starting this quarter.
“Since 1982, Greenwood Gearhart’s guiding principle has been to cultivate trust and financial peace of mind that enriches our clients’ lives,” CEO Brock Gearhart said. “Partnering with Boston Mountain Money Management will enhance this mission and deepen our firm’s capabilities in financial and estate planning for corporate executives and other business professionals.”
According to the Northwest Arkansas Business Journal’s largest locally owned independent wealth management firms list, Greenwood Gearhart at 26 E. Center St. is the largest wealth management firm ranked by assets in Northwest Arkansas. Greenwood Gearhart’s managed assets rose by 37.3% to $1.4 billion in 2024 from $1.02 billion in 2023. Information for this list, which published Oct. 7, was collected before the transaction closed on Sept. 30.
The list also shows Boston Mountain Money Management’s managed assets rose by 15.6% to $215 million in 2024 from $186 million in 2023. Scott Alaniz is principal of the firm that was established in 2007. Alaniz will join Greenwood Gearhart and serve on the firm’s investment committee.
“Scott is one of the most respected advisors in our region, and I have tremendous regard for the business he has built over the past two decades. It’s very clear that his clients trust him, and his values align with ours, making this a natural fit,” Gearhart said.
“My first question in finding a merger partner was ‘will my clients be better off?” Alaniz said. “It became very clear to me early in this process that the team of professionals at Greenwood Gearhart bring a new level of depth and breadth to our client relationships that will allow us to enhance our unwavering commitment to outstanding, personal wealth management.”
According to the company spokesperson, Boston Mountain Money Management will assume the Greenwood Gearhart name. The acquired firm’s most recent office was located off the Bentonville square and has since consolidated into the Greenwood Gearhart office at 4100 S. Grand Ave. in Rogers.