Our Story
Coastal Virginia Wealth Group started as a group of financial advisors working together as a branch office in Virginia Beach for a very storied firm, Waddell and Reed, that traces its history to September 3, 1937, when it was founded by Chauncey Waddell and Cameron Reed. The company was one of the first to sell funds following the Investment Company Act of 1940. Two of its funds—United Income Fund and United Accumulative Fund—were among the first mutual funds in the United States. In 2021 Waddell & Reed was purchased by Macquarie Asset Management, a division of Macquarie Group, becoming a wholly owned subsidiary in the process. Macquarie then sold Waddell & Reed's wealth management business to LPL Financial in April 2021. Coastal Virginia Wealth Group organized into an independent firm whose advisors affiliated with LPL Financial in 2024.