Mercer Global Advisors has acquired River Glen Wealth Counselors, an RIA in West Des Moines, Iowa, that oversees $275 million in assets for 160 clients, Mercer announced Tuesday.
River Glen was founded in 2008 by Matt Busick, with Randy Von Fumetti adding his practice to the firm in 2015. Busick and Von Fumetti, who focus on relationship-based, holistic financial planning, said in a statement that the deal was driven by their interest in growing the business.
“Randy and I had reached that point in our business where we had to either invest significantly to scale our business to support further growth, or, alternatively, join a firm that had already made those investments and successfully institutionalized their business,” Busick said in the statement.
Upon meeting David Barton, who heads M&A for Mercer, “we realized we shared the same mission, vision and values around serving clients,” Busick said, adding that the deal with Mercer also allows his firm “to provide an expanded service offering to our clientele like in-house estate planning, tax return preparation, ERISA services, corporate trustee services, etc.”
Mercer, which is majority-owned by Oak Hill Capital, Genstar Capital, and Altas Partners, manages more than $50 billion in assets from 80 locations across the U.S.
Other recent Mercer deals include the purchase of $465 million Transitions Wealth Management in Denver, $495 million Paragon Wealth Strategies in Jacksonville, Florida, and $95 million Brighton Financial Planning, which operates in New Jersey and South Carolina, in December, and the acquisition of $630 million Kingfisher Capital in Charlotte, South Carolina, in October.
A private partnership, Edward Jones is a giant in the retail brokerage industry with more than 20,000 financial advisors.
Meanwhile, Raymond James and Tritonpoint Partners separately welcomed father-son teams, including a breakaway from UBS in Missouri.
Paul Atkins has asked staff to solicit public comment on novel ETFs, pausing the clock on as many as 24 filings linked to the booming event contracts market.
From 401(k)s to retail funds, Deloitte sees private equity and credit crossing into mainstream investing on two fronts at once.
Big-name defections from Morgan Stanley, UBS, and Merrill Lynch headline a busy two weeks of recruiting for the wirehouse.
Wellington explores how multi strategy hedge funds may enhance diversification
As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management
