NEW PROVIDENCE, NJ – Lassus Wherley & Associates, P.C., a private wealth management firm, with its headquarters in New Providence and a second office in Bonita Springs, Fla., has joined the private wealth management division at Peapack-Gladstone Bank as a subsidiary,
Last week Lassus Wherley CEO Clare E. Wherley said “Nothing will change.” She and President Diahann W. Lassus, will keep their titles and they and their 19 other employees will remain in place. Wherley said, “I just signed a long-term lease for the New Providence office. We will be here for the long term.”
The decision to join Peapack-Gladstone Bank was made only after she and Lassus did their due diligence, beginning with some initial discussions “more than two years ago.” They researched the private wealth management division at Peapack-Gladstone Bank, got to know the “people, philosophies and cultures.”
She said one of the “advantages and attractions of Peapack is they are a small community bank. While they have a small private wealth management division, it is manageable and the heads of that group have been very easy to deal with – open and honest,” Wherley said.
What Lassus Wherley gains, ultimately, is “access to some of the other services associated with Peapack Gladstone, and some of their expertise,” Wherley said.
When the transition is finalized at the end of August, the firm will continue to operate under the Lassus Wherley brand and will be “a subsidiary of Peapack-Gladstone Wealth Management Division of Peapack-Gladstone Bank,” Wherley said.
Established in 1985 in Wherley’s Berkeley Heights home, the firm moved to Madison in early 1987, then to New Providence in 1990. They started as a consulting company, then “branched into wealth management and also became a CPA firm. Ultimately, we decided wealth management was our true calling and that’s what we’ve concentrated on in the last 25 of the 33 years we’ve been in business.”
Wherley said private wealth management firms typically provide guidance on investments, financial planning and taxes, but many firms don’t do the tax piece. “Because we have that legacy we incorporate that service. Our clients love that – it is a one-stop shopping experience for them,” Wherley said.
They meet with clients on a regular basis – preparing estimated tax returns, reviewing changes in their lives to see if these changes require adjustments to their financial plans and other services, as required.
In May, for the eighth year in a row Lassus Wherley was named one of the Best Places to Work in New Jersey by NJBIZ.
In March, InvestmentNews recognized Lassus Wherley as one of the Best Places to Work for Financial Advisers, nationally.
“We both enjoy what we do, love our clients and our employees and we will do it as long as we can.” Asked if retirement was in her future, Wherley laughed and said she tells everyone, “I am chasing Warren Buffet’s record.”
The announcement of Peapack-Gladstone Financial Corporation’s acquisition of Lassus Wherley & Associates, P.C. appeared on CNBC via Globe Newswire. The transaction is still subject to regulatory approval and other conditions. Read the full announcement here.