Mercer Advisors adds $364M RIA in its third deal of 2018

Mercer pushes total assets over $12 billion as it expands presence in the Southeast.

Feb 13, 2018 @ 1:54 pm

By Jeff Benjamin

Mercer Advisors has pushed its assets under management above the $12 billion mark with its latest acquisition of Clearwater, Fla.-based GFS Private Wealth.

GFS, which has $364 million under management, represents the third acquisition this year for Mercer Advisors, the parent company of Mercer Global Advisors based in Santa Barbara, Calif.

The addition of GFS gives Mercer a stronger foothold in the southeastern U.S. market as well as additional resources for family office and estate planning services, according to Daniel Seivert, founder and CEO of Echelon Partners.

"This is a great pickup for Mercer, because Florida is a great market," he said. "This will give them access to some higher-net-worth clients."

David Barton, Mercer vice chairman in charge of M&A activity, said the GFS business model "mirrors ours in that they officer family office services geared toward high-net-worth families seeking a one-stop solution to all their financial needs."

He added that the deal also helps address the industry's talent shortage by folding in GFS founders Greg Willsey and Sandra Nesbit.

Adding the duo's "leadership and financial planning acumen to our organization is extremely valuable," Mr. Barton said. "This is true of their entire team which, together with our Tampa office, presents a formidable opportunity we fully intend to grow."

David DeVoe, managing director of DeVoe & Co., said the Mercer platform is "attractive to advisers in today's environment."

"Firms that attach their caboose to the Mercer train immediately benefit from the power of a $12 billion RIA," he said. "With access to a broad set of capabilities and services, clients should be sticker and the sales process with prospects should be easier."

Mr. DeVoe added that the Mercer deal brings to 20 the total number of RIA transactions so far this year, which compares to 16 at the same point last year.

0
Comments

What do you think?

View comments

Most watched

INTV

Young advisers envision a radically different business in five years

Fintech and sustainable investing are two factors being watched closely by some of the 2019 class of InvestmentNews' 40 Under 40.

INTV

Young professionals see lots of opportunity to reinvent the advice experience

Members of the 2019 InvestmentNews class of 40 Under 40 have strategies to overcome the challenges of being young in a mature industry.

Latest news & opinion

Target-date fund design may be wrong for retirees

Researchers suggest the funds don't adequately hedge against sequence-of-returns risk in retirement.

InvestmentNews' 2019 class of 40 Under 40

Our 40 Under 40 project, now in its sixth year, highlights young talent in the financial advice industry. These individuals illustrate the tremendous potential of those coming up in the profession. These stories will surprise, entertain, educate and inspire.

New Jersey fiduciary rule: Pressure leads to public hearing, comment deadline extension

Industry push results in chance to air grievances on July 17 and another month to present objections.

Galvin to propose fiduciary rule for Massachusetts brokers

The secretary of the commonwealth is proposing a fiduciary standard in response to an SEC investment-advice rule he views as too weak.

Summer reading recommendations from financial advisers

Here are some books that will keep you informed and entertained during summer's downtime

X

Hi! Glad you're here and we hope you like all the great work we do here at InvestmentNews. But what we do is expensive and is funded in part by our sponsors. So won't you show our sponsors a little love by whitelisting investmentnews.com? It'll help us continue to serve you.

Yes, show me how to whitelist investmentnews.com

Ad blocker detected. Please whitelist us or give premium a try.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print