Mercer surpasses 100-deal milestone in decade-long acquisition strategy

Mercer Advisors has passed a key inflection point in its long-running expansion strategy, announcing it has completed 101 RIA partnerships nationwide.

On Thursday, the Denver-based firm shared the news alongside announcements of its most recent acquisitions in Washington, DC and its home state.

The announcements did not disclose details of which deal officially marked its 100th, leaving observers to speculate which of its two latest firms actually holds the milestone slot.

Acquisitions expand Mercer Advisors’ presence in two key markets

As it reached the 100-partner mark, Mercer Advisors revealed the two newest firms to join its platform: Tufton Capital Management in Hunt Valley, Maryland, and Lewis Wealth Management in Denver.

Tufton Capital, an $810 million RIA led by a three-partner team, serves high-net-worth and multigenerational clients in the greater Washington, DC region. The firm has emphasized a disciplined, fiduciary-first investment strategy, supported by estate planning and trust services.

“With Mercer Advisors’ comprehensive family office capabilities, we believe we can better preserve, protect and grow our clients’ wealth so future generations can uphold their family legacies,” Chad Meyer, president and managing partner at Tufton, said Thursday.

Lewis Wealth Management, a $75 million RIA with 40 clients, bolsters Mercer Advisors’ established presence in Colorado. Founder Austin Lewis pointed to continuity and client service breadth as key benefits of the deal.

“Supported by this robust platform, I can focus on what matters most – helping our clients achieve their financial goals – while ensuring they benefit from a broader range of services and expertise,” he said separately.

With these two additions, Mercer Advisors now manages more than $5.5 billion in assets across Colorado and approximately $3 billion in the Washington, DC region.

A decade of partnerships reshapes scale and services

Since launching its inorganic growth campaign in 2016, Mercer Advisors has established a strong claim as one of the most expansive wealth management platforms in the US. From a law practice focused on estate planning for professionals and families in Santa Barbara, California, the firm has grown to now oversee $71 billion in client assets and operate across more than 100 locations.

Its acquisition pipeline has brought in a diverse mix of capabilities, including seven firms with in-house tax expertise and several multi-family offices with ultra-high-net-worth planning services and private markets expertise.

Size-wise, it's brought in some noteworthy multibillion-dollar partners, including Regis Management Company in 2022 and MDK Private Wealth Management last year.

Mercer's prolific deal pace, clocking in at roughly 10 per year, has also earned it consistent recognition as one of the most active acquirers in the RIA space.

“Every partner firm that has joined Mercer Advisors has significantly enriched our culture, enhanced our ability to serve existing clients, and enabled us to reach even more families who can benefit from our services,” chief executive Dave Welling said in a statement celebrating the milestone Thursday.

“Each new partner becomes a co-architect in crafting what our clients deserve and what the market sorely lacks – an elevated client experience where we strive to build a family office around every client we serve.”

The leadership at Mercer Advisors credits its collaborative integration model and internal ownership culture for the firm’s continued growth. Approximately half of its 1,200-plus employees now hold equity stakes in the company.

In a recent interview, Martine Lellis, principal of M&A partner development, told InvestmentNews Mercer Advisors' strategy is drawing interest not only from sellers seeking succession, but also from advisors with longer-term ambitions.

“I think everybody sees these partnerships as a way of benefiting in the longer run, and we're seeing more and more teams that want to continue to grow rather than it just being a straight succession play,” said Lellis, who co-leads Mercer's M&A partner development team with Ted Motheral.

That positioning is increasingly important in today’s increasingly heated environment of RIA M&A, Lellis indicated.

“It's probably the most competitive environment that we've ever seen,” she said. “When you have many well-capitalized buyers out there competing for what we consider high quality partner firms, then I think just maintaining the ability to be nimble in terms of the way that you structure these deals is incredibly important.”