The initial salvo of RIA deals for November continued Thursday morning, with Merit and Wealth Enhancement building on their high-velocity expansion strategies as RFG Advisory expands its reach in Arizona.
Merit Financial Advisors, based in Atlanta, has acquired Mennenga Tax & Financial, a Madison, Wisconsin firm with $715 million in assets. The deal, finalized at the end of October, brings more than 35 Mennenga employees—including 20 credentialed tax professionals—under the Merit umbrella. The move is part of Merit’s ongoing effort to broaden its holistic wealth management capabilities, particularly in tax planning and preparation.
“The addition of Mennenga reflects Merit’s continued focus on providing holistic financial planning which, in turn, will deliver more value to our clients,” said Zach Mersberger, managing principal and partner at Merit. He added that the new team’s tax planning experience will allow Merit to serve clients “in a more comprehensive way.”
Marshall Mennenga, founder of the acquired firm, said the decision to join Merit was driven by a desire to enhance client service while maintaining core values. He cited Merit’s operational strengths and technology as key factors, saying the firm’s “client-centric culture made them the ideal partner.”
This marks Merit’s fifty-first acquisition and follows its recent partnership with Obsidian Planning Solutions, which added $476 million in assets and expanded the firm’s business succession planning capabilities.
Merit has led the pack in dealmaking so far this year, with Echelon Partners reporting 14 acquisitions announced by the firm in the first three quarters of 2025.
Wealth Enhancement, a national independent wealth management firm, has also expanded by partnering with Guidance Wealth, an Elkhart, Indiana-based RIA overseeing more than $165 million in client assets. The Guidance Wealth team is led by managing partner John McSorley, partner Michael Griggs, and director of operations Maureen Teunissen.
Jeff Dekko, chief executive of Wealth Enhancement, said in a statement that Guidance Wealth has “built a strong reputation for providing thoughtful, client-centered advice and long-term financial guidance.”
John McSorley, managing partner at Guidance Wealth, said the partnership would allow the team to “elevate the services we provide while staying true to our values,” and emphasized a continued commitment to earning clients’ trust.
It's the second deal announced by Wealth Enhancement this week after hitting a 100-partner milestone with its acquistion of Wise Wealth.
RFG Advisory also announced the addition of Cambium Wealth Partners, an Arizona-based RIA with $340 million in client assets, to its platform on Thursday.
Cambium’s 14-member team, led by Tom Taylor, Mary Huntley, and Josh Szyman – who were previously affiliated with Independent Financial Group, according to their BrokerCheck records – serves clients both locally and nationwide.
The firm’s focus on community involvement and a “servant-hearted philosophy” aligns with RFG’s stated values.
Mary Huntley of Cambium said, “At Cambium, serving others is at the heart of everything we do. Our team is deeply committed to helping clients, colleagues and our community thrive. RFG’s values and mission mirror our own, making this partnership a natural fit.”
RFG Advisory CEO Shannon Spotswood said Cambium is “redefining what it means to lead with purpose and build with intention,” and noted that partnerships like this reinforce RFG’s mission of supporting and empowering advisors.
The partnership with Cambium comes shortly after RFG welcomed Ed Swenson as its new president last month.
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