Mesirow is revving up its expansion plans in the Southeast wealth market with a deal to acquire an established planning practice in Florida.
The firm revealed that it has officially snapped up Price Wealth Management, an RIA based in Stuart, Florida. This acquisition enhances Mesirow's wealth management operations in Florida, where the firm already maintains offices in Miami and Boca Raton.
"This transaction aligns with our focus on serving a growing base of wealth management clients, advancing the firm's footprint in Florida and the regional Southeast, and combining ongoing organic growth with strategic acquisitions in the wealth space," Brian Price, CEO of Mesirow Wealth Management, in a statement Tuesday.
He officially took the reins at Mesirow's wealth unit in March after more than a year as the firm's interim head of wealth management.
The acquisition brings Craig Price and Nancy Zehr into Mesirow’s team, both of whom bring significant expertise in financial planning tailored to the Florida market.
"We are excited to join Mesirow Wealth Management and know that our business philosophy and personal values are well aligned with the company's culture," said Craig Price, who has been registered in the industry for 30 years. "We look forward to deepening Mesirow's Wealth Management presence in Florida and continuing to advise the families we have long served."
The deal for Price Wealth Management marks a crucial step in Mesirow's growth strategy, which got pinned high on its to-do list in April with the appointment of Ketan Shah as its first-ever chief strategy officer.
As part of its that push, Mesirow plans to increase its headcount over the next two to three years, focusing on expanding its wealth management and capital markets services. The firm also aims to broaden its footprint along Florida's west coast and across the Southeast region through a mix of organic growth and further acquisitions.
Mesirow Wealth Management currently manages over $11.4 billion in assets, while Mesirow as a whole oversees $288.1 billion in assets under supervision.
Plus, a $400 million Commonwealth team departs to launch an independent family-run RIA in the East Bay area.
The collaboration will focus initially on strategies within collective investment trusts in DC plans, with plans to expand to other retirement-focused private investment solutions.
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