Mercer Advisors acquires $160 million RIA

Wealth Design Services in Rochester, New York, also provides tax services

Jul 12, 2017 @ 12:00 pm

By InvestmentNews

Mercer Advisors Inc., a Santa Barbara, California-based RIA managing $10.6 billion in assets through several firms, has acquired Wealth Design Services (WDS), a Rochester, New York-based RIA, which manages approximately $160 million in assets and includes a tax practice.

Steven Schwartz, the founder and president of WDS, and the firm's management will continue with the company and help expand Mercer's footprint in New York and the Northeast, Mercer said in a release.

Mercer said that the WDS acquisition represents one of seven RIA takeovers by the firm in 16 months, which have included Kanaly Holdings ($2.1 billion), Duckworth Wealth Advisors ($160 million), Spruce Hill Capital ($112 million) and Novos Planning Associates ($100 million).

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