A Birmingham-based investment advisory firm specializing in financial planning has acquired a Baltimore investment advisory company.

Waverly Advisors has announced a deal to acquire GGM Wealth Advisors for an undisclosed amount.

The transaction expands Waverly’s presence into Maryland and Virginia.

Waverly, founded in 1999, manages about $17.4 billion in assets and offers collaborative investment, tax, estate, and financial planning services. It currently has 37 offices across the U.S.

GGM was founded in 1996 and manages more than $400 million in assets. The company’s entire team is joining Waverly.

Waverly CEO Justin Russell said GGM “has built a successful firm by providing a superior client experience while establishing long-term relationships.”

The acquisition of GGM is the 22nd acquisition for Waverly since accepting an equity investment in December 2021. It increases Waverly’s assets under management to approximately $17.4 billion.