Mercer Global Advisors is wasting no time in the Eastern US, where it's sealed its second acquisition deal in as many days.
The national RIA announced Wednesday that it has snapped up Kades & Cheifetz, a Pennsylvania-based firm serving high-net-worth clients, as part of its continued expansion in key markets across the country.
The deal comes immediately after Mercer Advisors announced it had acquired Kiely Wealth Advisory Group, a North Carolina-based firm that oversees $523 million in assets for more than 530 clients.
Founded by Howard Kades and Stephen Cheifetz, who bring more than half a century of collective experience based on their IAPDs with the SEC, the firm is located in the suburbs of Philadelphia, with an additional presence in Florida. Kades & Cheifetz manages around $440 million in assets and offers tailored financial services aimed at creating and preserving wealth for affluent families. Both partners have built strong, long-term relationships with their clients over the years.
David Barton, vice chairman of Mercer Advisors, led the deal and highlighted the significance of the acquisition to Mercer’s growth in the region.
“Howard and Steve built an attractive clientele focusing in the affluent ‘Main Line’ area that runs west of Philadelphia," he said in a statement Tuesday. "Mercer Advisors has had a presence in this market for nearly three decades, and we are excited to continue growing together in this region and beyond.”
Kades emphasized the benefits of joining Mercer Advisors, particularly in deepening existing relationships and serving new clients. "We thrive serving affluent families that want help creating and executing plans that secure their economic futures,” he said.
Cheifetz added, “We realized many clients were growing to expect more comprehensive support covering their full wealth picture. Mercer Advisors and the family office offering helps us solve this.”
Mercer Advisors, headquartered in Denver, Colorado has over 1,150 employees and operates in more than 90 locations across the country. The firm currently oversees $63 billion in client assets.
The firm's deal with Kades & Cheifetz in Pennsylvania adds to its other affiliates in the Northeast, including Connecticut-based Benchmark Wealth Management, a roughly $412 million AUM firm that it snapped up last month.
Rajesh Markan earlier this year pleaded guilty to one count of criminal fraud related to his sale of fake investments to 10 clients totaling $2.9 million.
From building trust to steering through emotions and responding to client challenges, new advisors need human skills to shape the future of the advice industry.
"The outcome is correct, but it's disappointing that FINRA had ample opportunity to investigate the merits of clients' allegations in these claims, including the testimony in the three investor arbitrations with hearings," Jeff Erez, a plaintiff's attorney representing a large portion of the Stifel clients, said.
Chair also praised the passage of stablecoin legislation this week.
Maridea Wealth Management's deal in Chicago, Illinois is its first after securing a strategic investment in April.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
