Cresset Announces Partnership with Cypress Wealth Advisors

The acquisition expands Cresset’s scale and deepens its presence in Northern California while enhancing access for Cypress’ clients to private investment opportunities and sophisticated wealth management and family office services.

 


SAN FRANCISCO – May 2, 2019 — Cresset Asset Management (“Cresset”) announced today the acquisition of Cypress Wealth Advisors (“Cypress”), a San Francisco-based SEC Registered Investment Advisor (“RIA”) with more than $500 million in assets under management. This partnership bolsters Cresset’s ability to serve clients in San Francisco and related markets with comprehensive wealth management and family office services as well as institutional quality private investment opportunities. Cresset recently announced the acquisition of Evanston Advisors, an RIA based in the Chicago area with more than $500 million in client assets under management. Cresset also announced plans to pursue similar partnerships with firms that align with Cresset’s culture and strategic vision.

Cypress was founded in 2004 and focuses on developing investment management, tax and estate planning strategies to preserve, maximize and successfully transfer wealth. The Cypress team, all of whom have joined Cresset in San Francisco, will continue serving existing and new clients.

“At Cypress, we are committed to helping grow and protect our clients’ wealth so they can live life on their own terms. We take that trust very seriously, which is why we are so pleased and confident to partner with a firm with the scale and capabilities of Cresset,” said Barbara Young, Founder, Chief Executive Officer and Chief Investment Officer for Cypress. “Cresset is client focused as a privately held and client- and employee-owned firm. We could not imagine a better partner to serve our clients going forward. I am excited about the tremendous opportunities we have to grow with Cresset over the long term.”

Cresset was founded in 2017 with a vision to reinvent the way people experience wealth. As long-time industry clients themselves, Co-Founders Eric Becker and Avy Stein set out to create a firm that delivered the comprehensive, personalized services they felt were missing in the wealth management industry.

“In the Cypress team, Cresset has found a kindred spirit in terms of how we believe clients should be treated and the impact wealth can have,” Stein said. “Our mutual dedication to client alignment and a commitment to providing access to a full suite of sophisticated family office services and private investment opportunities make this an ideal partnership.”

“We founded Cresset with the vision of expanding our ecosystem for our clients by partnering with the very best talent that is committed to building a best-in-class multi-family office platform that will endure for the very long term,” Becker said.  “Barbara exemplifies that vision as a veteran private investor and trusted advisor who is highly involved across the broader family office and wealth management community.  It is a privilege to welcome Barbara and her partners into the Cresset family and to have the opportunity to grow together for many years to come.”

Cresset’s growth initiatives focus on organic investments in its core markets along with targeted complementary acquisitions of other independent RIAs. “Cresset continues to explore aligning with firms like Cypress that reflect and embrace our vision, client-centric culture and commitment to long-term growth,” said Chris Boehm, Managing Partner of Cresset Partners, who leads Cresset’s investments in the RIA sector.

About Cresset

Entrepreneurs Eric Becker and Avy Stein founded Cresset with a vision to reinvent wealth management, with a firm belief that clients deserve better. Cresset has offices in Chicago, West Palm Beach, San Francisco, Seattle, Denver and Minneapolis. The firm offers individuals and families access to a comprehensive suite of family office services, personalized wealth management, investment advisory, planning, and other services through Cresset Asset Management, an SEC Registered Investment Advisor with expected assets under management to be more than $4.5 billion in combination with Cypress. Cresset Partners, Cresset’s private investing affiliate, offers clients and other investors direct access to institutional quality real estate, private equity, and other investment opportunities. Learn more at https://cressetcapital.com.