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The Richmond-based wealth management firm Cary Street Partners is acquiring a Virginia Beach-based investment advisory firm.

Cary Street Partners said Tuesday it has entered into a definitive agreement to acquire independent registered investment advisor Waypoint Advisors.

Founded in 2001, Waypoint Advisors serves high net worth clients and foundations across the nation.

Financial terms of the deal were not disclosed.

Cary Street Partners, which operates 12 offices in five states, said the firms will manage a combined $4 billion in assets, providing wealth management services to individuals, families and institutions. The deal is expected to close at the end of June.

The deal will give Cary Street Partners a strong presence in the Virginia Beach area, said Joseph R. Schmuckler, chief executive officer of Cary Street Partners.

“Waypoint Advisors has built a valued business and an exceptional reputation in the Hampton Roads market,” he said. “Their team’s adherence to culture, values, and always putting the client first has resonated with us since we were first introduced to Waypoint.”

Cary Street Partners was founded in 2002 as a subsidiary of Luxon Financial LLC.

Last month, the firm announced it had formally changed the name of its holding company from Luxon Financial LLC to Cary Street Partners Financial LLC.

In addition to the holding company, its asset management and wealth management subsidiary businesses are all associated with the trade name Cary Street Partners.

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