We want to share a transaction involving our clients serviced in the State College area by Senior Wealth Advisor, James Karchner. We, together with Jim, have decided to sell this small part of our practice to Mariner Wealth Advisors. Jim will be joining Mariner Wealth Advisors on May 1, 2020. He will continue to service his clients at Mariner Wealth Advisors.
Jim has a long-term professional and personal relationship with another advisor, Rob Thomas, who is the Managing Director of the Mariner State College office. Since Jim was the only Domani Wealth team member in our State College location, we agreed that it was in our clients’ best interest for him to join Mariner Wealth Advisors and obtain more local resources to support him in servicing clients.
Our State College presence with Jim Karchner represents less than 5 percent of our total practice. While we certainly enjoyed working with Jim and his clients, this decision is strictly a measure to provide Jim and his clients with more local presence and resources. We have always said that we place our clients’ interest first, and in our opinion, this was the right move for our clients who Jim services solely because of the current size of his practice and local physical presence in State College. We have no intentions of selling or disposing of any other part of our practice. We are in the top 10 percent of independent RIA firms in the country based on assets under management and are committed to growing Domani Wealth as illustrated in our recent acquisition of EHD Advisory Services in December 2019.
Domani Wealth has been in existence for 25 years, and we continue to look for opportunities to expand our presence that will provide more resources and services to benefit our clients’ experience while providing more support to our existing team members. This transaction will in no way alter any of our other 5 office locations or affect how we continue to deliver high-level wealth planning and management in an independent and transparent manner to our clients. We also remain committed to our local communities in which we serve.
If you have any questions, please feel free to contact us. We promote and encourage transparency and are happy to answer any questions.