Grimes & Company Expands Tax Capabilities
Grimes & Company, a Westborough, Massachusetts-based registered investment advisor managing approximately $7 billion in assets, acquired the tax practice of Stevens and Ciccone Associates this week. The transaction adds 800 tax clients to the firm’s roster and establishes an in-house tax planning division. CEO Kevin Grimes confirmed that Stevens and Ciccone, based in Needham, will continue operations under the name S&C Tax Advisors. The acquisition marks a calculated shift for the firm as it looks to provide more integrated services to high-net-worth individuals who require complex financial management.
Kevin Grimes stated that the move addresses a growing demand for centralized service offerings. The firm spent about one year scouting potential tax acquisitions before selecting S&C. He emphasized that this addition does not signal a departure from existing external professional relationships. Instead, advisors will maintain their current referral networks, ensuring that clients keep their preferred tax professionals while gaining access to new in-house resources. The firm’s growth strategy remains focused on long-term sustainability and service expansion.
New Leadership and Strategic Growth
To manage its evolving service portfolio, the firm appointed Andrew Hamil as chief operating officer. Hamil assumes oversight of financial planning, insurance, business operations, data, and artificial intelligence, alongside the growth teams. His role includes the evaluation of future acquisition targets and the expansion of the firm’s trust services. Hamil noted that these investments build an operational foundation meant to support deliberate, long-term expansion rather than rapid, unstable scaling.
This growth trajectory is supported by a 2025 minority investment from Rise Growth Partners. Joe Duran, founder of the private equity firm, praised the management team for their disciplined approach. The capital injection provides the necessary backing for Grimes & Company to execute its roadmap, which includes providing specialized services that were once limited to traditional family offices. This transition follows a broader trend where mid-sized firms move to capture more of the client wallet by bringing tax and estate planning under one roof.
Industry Shifts in Wealth Management
Sowell Management, a firm based in North Little Rock, Arkansas, concurrently launched its own internal Advanced Planning Group. This division focuses on estate, tax, and advanced planning for wealthy families and business owners. Led by Carrie and JR Quraishi, the group will serve clients across both the Sowell Management platform and their wholly-owned Cache River Private Wealth unit. The move reflects a competitive push to provide elite-tier service packages that mirror family office capabilities.
These developments signify a period of structural adjustment for independent advisory firms. Sowell Management specifically utilized capital from a minority stake sale to Merchant to fund its Advisor Partnership Program, an effort aimed at retaining talent through equity participation. Both firms are responding to client expectations for unified financial oversight. As wealth management becomes increasingly technical, the ability to consolidate planning under one organization serves as a key differentiator in a crowded market. The industry continues to move toward these integrated models, prioritizing depth of service over pure asset management reach.