Wescott Financial Advisory Group to acquire Asset Planning Services

Wescott Financial Advisory Group LLC agreed to acquire wealth management firm Asset Planning Services Ltd. in a transaction that will bring Wescott's total assets under management to $3.5 billion.

Wescott, an independent registered investment advisory and wealth management firm, expects the deal to close in the fourth quarter.

Asset Planning Services, which manages $800 million in assets, provides clients with guidance for the accumulation, preservation and distribution of wealth. The fee-only company also offers current and retired Merck & Co. Inc. executives and other pharmaceutical executives and their families a specialized planning solution.

Rick Volpe, founder and president of Asset Planning Services, will lead Wescott's charitable and estate planning division, remain in charge of Asset Planning Services' Harleysville, Pa. office and become part of Wescott's leadership.

Additionally, Sean Roberts was appointed chief investment strategist, and other members of the Asset Planning Services team will assume similar roles and responsibilities at Wescott.

For the deal, Duane Morris LLP served as legal counsel to Wescott, and Morgan Lewis LLP worked as legal counsel to Asset Planning Services. FP Transitions also represented the seller.