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Tuesday, April 13, 2021

BOK Financial to buy Weaver investment adviser

BOK Financial Corp., a $31 billion publicly traded financial services company headquartered in Tulsa, said Jan. 5 it will acquire the assets of Weaver and Tidwell Financial Advisors LTD d/b/a Weaver Wealth Management, a registered investment adviser.

The terms of the transaction were not disclosed.

The agreement is expected to be completed in the first quarter of 2016 upon regulatory approval, and includes hiring Weaver Wealth Management’s team and transitioning its wealth management clients to The Milestone Group, a subsidiary of BOK Financial.

Weaver Wealth Management is owned by Fort Worth-based accounting firm, Weaver and Tidwell LLP, the largest independent accounting firm in the Southwest and a top-40 firm in the country. This acquisition will increase BOK Financial’s assets under management and administration by $340 million and expand the company’s wealth management reach in Texas.

“The addition of Weaver Wealth Management will allow BOK Financial to further serve our clients’ financial needs in one of the most attractive growth markets we serve,” said Scott Grauer, executive vice president of wealth management at BOK Financial.

David Sego, managing director for Weaver Wealth Management, will maintain his leadership role and report directly to Eric Koeplin, president of The Milestone Group. Existing Weaver Wealth Management clients will continue to be served by their same team of advisers and support personnel.

BOK Financial Corp. had $67 billion in assets under management and administration, as of Sept. 30, 2015. The company operates as Bank of Texas throughout the state of Texas, with major offices in Dallas, Fort Worth and Houston. The company’s stock is traded on NASDAQ under the symbol BOKF.

BOK Financial’s holdings include BOKF, NA; BOSC Inc.; and The Milestone Group Inc. BOKF, NA operates TransFund, Cavanal Hill Investment Management and seven banking divisions: Bank of Albuquerque, Bank of Arizona, Bank of Arkansas, Bank of Kansas City, Bank of Oklahoma, Bank of Texas and Colorado State Bank and Trust. Through its subsidiaries, the company provides commercial and consumer banking, investment and trust services, mortgage origination and servicing, and an electronic funds transfer network.

The Milestone Group operates as a wholly-owned subsidiary of BOK Financial and has $1.8 billion in assets under management. The Denver-based boutique wealth management firm was founded in 1996 and its clients include high and ultra-high net worth families and executives. Milestone was acquired by BOK in 2012.

Founded in 1950, Weaver currently has more than 500 employees and offices in eight cities across the United States. Weaver serves a range of clients, including public and private national and international companies, nonprofit organizations and government entities. In addition to traditional assurance and tax services, Weaver also provides numerous advisory services, including risk advisory, transaction advisory, IT advisory, energy compliance and consulting, forensics and litigation, international tax, property tax, state and local tax, and wealth strategies services.

Tamara Wagman of Frederic Dorwart, Lawyers served as legal counsel to BOK Financial in the transaction. Steve Kesten with BoyarMiller served as legal counsel to Weaver.

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