RIA moves: Mercer bolsters Mid-Atlantic footprint with tax-focused $1B firm

The post-Thanksgiving burst in RIA deals continued on Wednesday, with Mercer Advisors taking on an established tax-focused practice in the Mid-Atlantic. That followed similarly sizeable deal reveals by Creative Planning and Waverly Advisors.

Mercer Advisors snaps up $1B Glass Jacobson

Mercer Advisors said it has acquired Glass Jacobson Wealth Advisors, a Baltimore-area firm with about $1 billion in assets under management and roots in an accounting and tax practice founded in 1962.

The deal expands Mercer’s Mid-Atlantic footprint along the Baltimore–Washington corridor while adding more than 660 client families and a team of over 20 advisors, planners and analysts.

Glass Jacobson grew out of Glass Jacobson Financial Group’s tax and accounting business and has long pitched itself as combining tax expertise with comprehensive planning. Ben Kautz, executive managing director at Mercer Advisors, said Glass Jacobson has “built a trusted reputation [as] a cornerstone of the Mid-Atlantic financial community” for decades.

Jonathan Dinkins, chief executive of Glass Jacobson, framed the transaction as a way to scale without abandoning the firm’s legacy. “For more than 60 years, our firm has helped clients manage their financial lives through a deeply personal, relationship-driven approach,” Dinkins said, adding that Mercer “shares our values, our fiduciary commitment, and our passion for empowering clients and our team.”

Mercer, which reports $90 billion in client assets and more than 100 locations nationwide, has leaned into a family office-style platform with estate and tax planning, trust services and investment management aimed at high-net-worth households. Last month, it made its first tax-focused acquisition in the West Coast with Freeman Lim & Cleland in Southern California.

Creative Planning adds Maryland boutique Burt Wealth

Creative Planning is also strengthening its Mid-Atlantic presence, announcing the acquisition of Burt Wealth Advisors in North Bethesda, Maryland. The deal adds approximately $1 billion in assets and marks Creative’s 15th acquisition in two years, underscoring the pace at which large aggregators are building out regional density.

Burt Wealth, founded in 1985, focuses on customized financial planning that includes tax reduction strategies, education funding, and estate, business and retirement planning.

In the Tuesday statement announcing the deal, Creative Planning president and chief executive Peter Mallouk highlighted Burt Wealth’s “decades of experience,” as well as how its client-first commitment fits with Creative’s long-term strategy.

On the seller side, Burt Wealth president Fred Cornelius and executive vice president Maria Cornelius said joining Creative gives clients access to a broader platform while preserving the boutique feel. 

Last month, Creative Planning subsidiary United Capital expanded its geographic footprint with the acquisition of Apexium Financial, a national RIA with locations in the Northeast, Mid-Atlantic and Southwest.

Waverly Advisors leans into alternatives and family office services

In Chicago, Waverly Advisors is leaning into alternatives and family office work with the purchase of select business lines from Promus Holdings and its subsidiaries, bringing about $3.1 billion in assets as of June 30.

The transaction boosts Waverly’s family office capabilities for ultra-high-net-worth clients and adds deeper private equity and real estate expertise. Following the deal, Waverly said its assets under management has risen to roughly $29.5 billion.

Justin Russell, president and chief executive of Waverly, said both firms were founded on principles including stewardship and long-term relationships. For CIO Clay McDaniel, the partnership combines “the unique strengths of both firms” and broadens the universe of opportunities across private equity, real estate and private credit.

Counting its Pacific Northwest deal debut last month, the Promus acquisition is Waverly’s 28th transaction since taking outside capital in late 2021.