Denver-based Mercer International Advisors, among the many nation’s fastest-growing registered funding advisory corporations, introduced two acquisitions this week, including 23 new workers with about $1.4 billion in consumer belongings.
On Tuesday, Mercer introduced the acquisition of Personal Asset Administration in San Diego, a crew of 11 led by Jeff Witt that manages about $720 million for greater than 600 purchasers.
Based in 1993, the agency supplies multi-generational wealth providers, together with monetary planning, funding administration, tax planning and preparation.
“When seeking to mix with a brand new associate, it was important that they too consider in offering their clientele with an enhanced service providing, not restricted to simply monetary planning and funding administration,” Witt stated in an announcement. “We knew we had discovered the appropriate associate with Mercer Advisors providing a full set of household workplace providers beneath their massive roof.”
“Jeff and his crew are extremely credentialed planners and professionals with a deep bench of expertise,” stated Dave Barton, Mercer vice chairman and head of M&A. “Since we’re in a service business and you might be solely nearly as good as your individuals, the addition of PAM’s spectacular crew to our service ranks bolsters our capabilities in California and past.”
Echelon Companions acted because the unique monetary advisor, and Withers Bergman LLP served as authorized counsel to Personal Asset Administration.
Echelon CEO and Managing Associate Dan Seivert known as PAM “a great platform” for any nationwide agency seeking to set up a “seashore head” within the San Diego market.
“As one of many wealthiest, quickest rising and most fascinating enterprise markets for entrepreneurs and companies alike most patrons view it as a ‘will need to have’ for attaining large image strategic and development targets,” Seivert stated. “It simply so occurs PAM gives the size, consumer base, wealth administration options and advisor crew which are splendid basis to construct off of.”
On Wednesday, Mercer introduced the acquisition of a 12-person crew within the Dallas/Fort Value space managing about $680 million for 340 purchasers.
Steward Wealth Administration, in Colleyville, Texas, was based in 2005 by Dustin Stiefel and Vince Hawkins. The agency gives portfolio design and administration, goals-based monetary planning, tax preparation and submitting, and property planning and administration—primarily for purchasers at or close to retirement with between $1 million and $20 million in web value, though work is underway to construct out providers for a youthful clientele.
The crew will set up Mercer’s eighth workplace in Texas, and its fourth within the Metroplex space.
“As my companions and I deliberate for the long run, we realized we wanted so as to add scale in addition to including extra providers for our purchasers,” Hawkins stated in an announcement. “We discovered a beautiful cultural match between our two organizations and cherished the truth that they provide in-house property planning, tax planning and return preparation, amongst different providers.”
“Steward has a wonderful fame for offering steerage for his or her purchasers that integrates monetary planning, investments, tax and property planning,” Mercer CEO Dave Welling stated. “The Steward crew will be a part of our sturdy crew in Texas and can elevate our place to one of many main unbiased RIAs within the state.”
Majority owned by Genstar Capital and Oak Hill Capital, together with different minority buyers, Mercer has been on a mission to determine itself as a number one nationwide RIA and, early this 12 months, refreshed its branding and messaging to mirror that purpose. Established in 1985, the agency employs round 900 individuals, together with 400 advisors, overseeing roughly $48 billion in consumer belongings from greater than 70 workplaces nationwide.
PAM and Steward signify the sixth and seventh corporations to affix Mercer in 2023, following per week final month wherein Mercer added two corporations with round $580 million in belongings, bringing complete belongings acquired this 12 months near $3 billion.
