Mercer Global Advisors, a Denver-based wealth management firm managing $37 billion, has acquired Wrenn Financial Strategies, a Raleigh, North Carolina-based registered investment adviser managing $238 million.
Maxie Edward Wrenn, Jr. and Janice Wrenn, who founded the firm in 1988, have joined Mercer with their entire team.
The founders said that business succession was a major consideration in their decision to sell the firm.
This is the third deal that Mercer has announced this week. On Wednesday, Mercer acquired HawsGoodwin Investment Management, a Franklin, Tennessee-based registered investment adviser managing $680 million. On Tuesday, Mercer acquired Cordasco Financial Network, a registered investment adviser managing $510 million in Naples, Florida.
Elsewhere, Wells Fargo Advisors adds a $400 million Morgan Stanley veteran in Naples as an ex-Cetera advisor goes independent with LPL
According to a federal charges Bradley Heppner, 60, received more than $150 million in payments through funneling money from GWG Holdings to a shell company.
A $1B fund allegedly skimmed 30% off the top, then swapped cash for locked-up stock.
Insiders allegedly rewrote projections three times in four days.
TCI Wealth Advisors also has also tapped JIFFYAI to unify onboarding and servicing, while TradePMR adds ICE market data to its Fusion advisor platform
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