Mercer International Advisors, one of many nation’s largest and most acquisitive registered funding advisors with $77 billion in belongings, has bought Household Wealth Planning Group, a Naples, Fla.-based wealth administration agency with $1.2 billion in shopper belongings throughout about 200 households. The deal consists of Household Wealth Tax Advisory, an affiliated tax follow that will likely be built-in into Mercer’s tax planning companies.
“We offer tax companies to our shoppers, so anytime we discover an RIA that’s doing the identical factor, it makes it much more appropriate,” mentioned Martine Lellis, principal, M&A companion improvement, Mercer Advisors. “They’re very monetary planning-centric; they’ve an working mannequin that’s similar to ours; they’ve the flexibility to do some tax companies in-house, which brings on extra expertise and assets for us to leverage. And we will make investments extra to proceed to develop these companies for our shoppers in Florida.”
Household Wealth Planning Group has been affiliated with Raymond James Monetary Companies, its impartial advisor channel, since 2016. It should proceed to custody with Raymond James. Mercer has had some success recruiting Raymond James advisors; the RIA has a number of billion {dollars} custodied with the agency, Lellis mentioned. Â
“We now have had a variety of Raymond James companies curious about our enterprise mannequin, and that has allowed us to seamlessly onboard them and nonetheless preserve the custody at Raymond James,” she mentioned.
Household Wealth Planning Group companies high-net-worth households, enterprise homeowners and executives. The agency is led by Founder and Principal Tom LaMacchio and Principal and Proprietor Nadia Keric. This makes it the twentieth women-led companion agency to affix Mercer.
“Mercer Advisors’ in depth assets, particularly in tax, property and funding planning, will assist us improve our affect whereas preserving the long-term continuity of the enterprise,” Keric mentioned in an announcement.
All 9 crew members will stay with the agency.
This represents Mercer’s third $1 billion-plus acquisition in as many months. In June, the RIA purchased Full Sail Capital, an Oklahoma Metropolis RIA with about $2 billion in shopper belongings. Final month, it added O’Brien Wealth Companions, a Waltham, Mass.-based agency with about $1.1 billion in shopper belongings.
Total, Household Wealth is Mercer’s ninth deal this yr and a hundred and fifth since launching its M&A method in 2016, with the acquisitions of Tufton Capital Administration, a $810 million AUM RIA in Hunt Valley, Md., and Lewis Wealth Administration, a Denver-based RIA with about $75 million in AUM. The agency surpassed 100 acquisitions in Might.
Mercer additionally lately introduced that greater than half (674) of its 1,300 staff are actually fairness homeowners within the RIA. That’s up tenfold from 2018, when there have been fewer than 70 worker shareholders.
Mercer is majority owned by Oak Hill Capital, Genstar Capital, Altas Companions and GIC, a world institutional investor.
