Cerity Partners expanded its footprint into the Midwest by acquiring Gilbert & Cook, a West Des Moines-based wealth management firm managing approximately $2 billion in client assets, according to an official announcement released by the firms.
Expansion Into Iowa
According to the announcement published on Oct. 30, 2024, the transaction adds Gilbert & Cook’s team of professionals and client accounts to Cerity Partners, marking the New York-headquartered wealth management firm’s first physical office location in Iowa. Founded in 1999 by Karen Gilbert and Jenny Cook, Gilbert & Cook provides financial planning, investment management, and retirement income strategies to individuals, families, and business owners across the region.
Strategic Growth and Integration
The integration brings Gilbert & Cook’s staff into the broader Cerity Partners organization, allowing the Iowa firm to leverage Cerity Partners’ national platform, tax resources, and institutional research capabilities. According to corporate statements from both entities, the leadership team at Gilbert & Cook will remain in place to oversee local client relationships and ensure operational continuity following the close of the transaction.
Market Impact and Industry Context
The acquisition represents part of a broader consolidation trend within the independent registered investment advisor (RIA) sector, where national wealth managers continue to acquire regional practices to scale assets under management. Cerity Partners, backed by private equity investment from Lightyear Capital and Genstar Capital, has pursued an active acquisition strategy across major U.S. metropolitan and regional markets over recent years.
Worth a look