Mercer Global Advisors is expanding its East Coast footprint as it welcomes an experienced advisory team overseeing a half billion dollar book of business.
On Tuesday, the national wealth firm announced its acquisition of Kiely Wealth Advisory Group, a North Carolina-based firm managing $523 million in assets. The move strengthens Mercer Advisors' presence in the state and adds over 530 clients to its family office platform.
Founded by Joe Kiely, KWAG has been in business for more than a quarter-century, operating with a focus on long-term client relationships and comprehensive financial planning. Its leadership team has worked together for two decades, fostering a shared philosophy on client service that aligns with Mercer Advisors' approach.
"For more than 25 years, we've focused on serving clients as a fiduciary with financial planning at the center of our service model. We were intrigued that Mercer Advisors shares our values and would help us scale," Kiely, president and founder of KWAG said in a statement while emphasizing client education and empowerment are central pillars of their practice.
David Barton, the vice chairman at Mercer Global Advisors who led the acquisition, emphasized the "natural fit" between the two firms.
"Joe and the team at KWAG think about the world in ways that are hyper-compatible with our family office model and our commitment to serving clients as a fiduciary," Barton said.
Mercer Advisors CEO Dave Welling echoed the enthusiasm for the acquisition, highlighting the opportunity to "enhance the financial well-being of our shared clients."
"With the union of our firms, the clients of KWAG will gain access to our suite of wealth solutions, including estate, tax, and insurance planning," Welling said.
The KWAG transaction represents the second deal in the Eastern US in as many months for the firm, following its September acquisition of Connecticut-based Benchmark Wealth Management, a $412 million AUM firm. Before that, the firm reinforced its Pacific Northwest presence in March by adding MDK Wealth Management, a Seattle-based mega-practice with $2.5 billion in AUM.
Headquartered in Denver, Colorado, Mercer Global Advisors is a privately held firm that operates in over 90 locations across the US, with more than 1,150 employees as of July 31. Its parent company, Mercer Advisors, oversees $63 billion in client assets and is majority owned by a consortium of PE investors that includes Oak Hill Capital, Genstar Capital and Altas Partners.
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
Knighthead Life entered the market with a competitive MYGA. A strong launch earned advisor confidence and paved the way for FIAs.
As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor
