Beyond the headline-grabbing deals unveiled this week by mega-RIAs Creative Planning and Wealth Enhancement, more mid-size acquirers have been on the move, with Lido Advisors and Mercer Advisors expanding in the West Coast as Waverly advances its own growth in the mid-Atlantic.
Lido Advisors said it will partner with Stuart Chaussée & Associates, a fellow California-based RIA with more than $500 million in assets and a focus on defined outcome strategies for high-net-worth clients.
Led by veteran founder Stuart Chaussée, who's been an SEC-registered investment advisor for 25 years, the Palos Verdes-based fee-only firm, serves primarily retirees and pre-retirees and has two employees.
Lido, backed by HPS Investment Partners and based in Los Angeles, reports more than $38 billion in assets and 45 offices nationwide.
The firm is likely to end the year closer to the $40 billion AUM mark, as it inked another partnership with $1.2 billion Fountainhead Advisors in the East Coast wealth last month.
Ken Stern, president at Lido, said the deal expands the firm’s Los Angeles-area presence while adding depth to its planning bench. He said the firms share a commitment to “a personalized, holistic wealth management experience.”
Stuart Chaussée described Lido as a “philosophically and culturally‑aligned firm” that offers local presence plus broader planning and investment resources.
In the Pacific Northwest, Mercer Advisors acquired Thompson Advisory Services, a Portland, Oregon RIA managing about $260 million for more than 90 families.
Founded in 2009 by Troy Thompson, JD, the four-person team offers a planning-first model that integrates investment management with financial and estate planning, insurance and tax strategies – including tax preparation.
Since last month, Mercer Advisors has been following a clearly tax-directed trajectory in its acquisitions. Following last month's partnership with Beach Freeman Lim & Cleland, it announced a deal to acquire Glass Jacobson Wealth Advisors, a $1 billion firm with roots in accounting and tax services.
Thompson said the move allows his team to keep its “personal connection” with clients while tapping Mercer’s scale, resources and technology. As part of the deal, the Thompson Advisory team will gain access to Mercer’s integrated family office services, spanning institutional-grade investment management, estate and trust planning, tax expertise and next‑generation financial education.
Martine Lellis, principal for M&A partner development at Mercer, said the team’s constraint had been “a lack of enterprise‑scale operations and fully integrated technology,” a gap Mercer aims to fill.
Headquartered in Denver, Mercer operates nationally with more than 100 locations and reports $90 billion in client assets.
Waverly Advisors acquired Forefront Wealth Management, a Malvern, Pennsylvania firm founded in 2018 that provides financial planning, investment management, and retirement plan consulting.
The transaction, which closed December 5, increases Waverly’s assets under management by about $257 million and advances the firm’s Mid‑Atlantic expansion. Forefront’s CEO and CIO, Carl Schultz, joins Waverly as a partner and wealth advisor, and the full team moves over.
It's the second buy for Waverly this month, after it announced last week that it had acquired an assortment of business lines with $3.1 billion in AUM from Chicago-based Promus Holdings and its subsidiaries.
Justin Russell, president and CEO at Waverly, said the combination “strengthens Waverly’s ability to deliver an exceptional client experience” while extending its reach. Schultz said the tie‑up aligns Forefront with a firm whose resources and client‑first approach will “enhance the services and opportunities” available to clients.
The Forefront deal marks Waverly’s 29th transaction since taking an equity investment from Wealth Partners Capital Group and HGGC’s Aspire Holdings in December 2021. Waverly, founded in 1999 in Birmingham, Alabama, manages roughly $29.9 billion and has 45 offices across the US.
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