Kay Lynn Mayhue named Merit CEO, still seeks 'big splash' deal

Kay Lynn Mayhue has been named CEO of the $33 billion hybrid-RIA Merit Financial Advisors, succeeding founder Rick Kent who moves into an executive chairman role. The leadership changes will take effect Jan. 1, 2027. 

SEC records show that Kent has been registered with Atlanta-based Merit Financial Advisors since 2007. Mayhue has been with Merit since 2017 and had been serving as president of the RIA, which has completed over 62 acquisitions to now employ more than 500 people across over 70 offices.  

Kent told InvestmentNews that he’s had more serious discussions of CEO succession over the past couple of years, but that Mayhue has been envisioned for the role since they met in 2017.  

“As Kay Lynn came in through an acquisition in 2017, it was just a matter of weeks that I said, ‘Kay Lynn, would you consider being president of this company?’ Because I saw a lot of potential in her, and so you could say it started back then,” said Kent. "I've always been a person that focuses on the future. I need more time to think about the future. I need [Mayhue] to run the company, and work with our top leaders. And I need to step back and think about vision and think about what can happen.” 

Merit’s acquisition strategy took off in 2019 when the firm received investments from private equity firms Wealth Partners Capital Group and HGGC’s Aspire Holdings. Both firms have since sold their stakes, with Constellation Wealth Capital becoming a minority investor in Merit last year. Mayhue told InvestmentNews that about 200 of Merit’s 500 employees hold equity stakes in the company. 

Several other executives are also getting title changes at Merit. Brian Andrew, EVP and chief investment officer, will add chief strategy officer to his role. Chief operating officer Chrissy Lee now adds chief enterprise officer to her role. 

Zach Mersberger moves from managing principal to president, just four years after Merit bought the practice he co-led with his brother. Merit reports having $25.6 billion in advisory assets, $2.5 billion in brokerage assets, $3.02 billion in employer plan assets, and $1.8 billion in ESOP assets. 

“It's been a wonderful surprise for us to find a number of talented individuals that we can see moving up and taking on more responsibility from where they are now. There's probably two handfuls that I can think of that have come in through M&A,” said Mayhue. 

 “[Mersberger] just has that natural ability to have folks trust him,” she said of Merit’s new president. “He's wicked smart. He's got that CFA brain and that analytical side, but it's paired so well with the relational piece.” 

Merit anticipates making 15 acquisitions this year after making 12 in 2025. Mayhue told InvestmentNews in December that she expected 2026 to include a “transformational” acquisition of a firm with $3 billion or more in assets, but a deal at that size did not come to fruition for Merit this year. 

“As far as a big number, big splash, we looked at quite a few. We got into some deep conversations, but if you're only going to do a couple in a chapter, as far as a life cycle, you want them to be exactly what you're looking for,” said Mayhue. “So I think it's just going to take time to find that right fit. But is it something that we're actively looking for—the answer is yes.” 

Merit has recruited several advisor practices formerly affiliated with Commonwealth Financial Network since LPL bought Commonwealth in April 2025. Matching existing leadership structures, culture, and tech stack are among the hurdles that Mayhue said are part of the process for finding a large-scale acquisition partner.   

“I would say we've had what I would consider to be, on a smaller scale, several transformational deals this year,” Mayhue said. “When you look at geography and talent and leadership that has come in. So I don't want to discount any of the ones that maybe they're not $3 billion, $4 billion, $5 billion, $10 billion [in assets], but we've had some really, really significant adds to to the firm."