Mercer Global Advisors is buying McGee Wealth Management, a Portland, Oregon-based firm serving 800 clients and managing $815 million, in its third acquisition this month of a firm with more than $800 million under management.
McGee Wealth, co-founded by Judith McGee and Linette Dobbins, is the second woman-led RIA Mercer has acquired in less than two weeks.
Last week the $24 billion Denver-based aggregator announced the acquisition of Atlanta Financial Associates, an $815 million RIA co-founded by Julianne Andrews and Cathy Miller.
Mercer also announced last week that it is buying Kays Financial Advisory, another Atlanta-based RIA managing $800 million.
In a prepared statement, McGee described the sale as a potential succession plan.
“We serve our clients at the highest level and act as a generational advisor. Thus, in looking for a partner to discuss possible succession planning, finding one that shared our mission, vision and values was most important,” said McGee, who was an InvestmentNews 2019 Women to Watch honoree.
[LISTEN: Bob Doll’s 2021 Prediction Special]
Dobbins added that she has worked closely over the past several months with David Barton, Mercer’s head of mergers and acquisitions.
“I knew we had found the right partner,” she said. “We couldn’t be more excited about joining the Mercer Advisors’ Team.”
Barton described the addition of McGee as a “win-win.”
“McGee Wealth Management’s reputation is beyond reproach and Judith is a recognized leader in a myriad of women’s initiatives across the United States,” he said.
While industry statistics pointing to a succession crisis can cause alarm, advisor-owners should be free to consider a middle path between staying solo and catching the surging wave of M&A.
New joint research by T. Rowe Price, MIT, and Stanford University finds more diverse asset allocations among older participants.
With its asset pipeline bursting past $13 billion, Farther is looking to build more momentum with three new managing directors.
A Department of Labor proposal to scrap a regulatory provision under ERISA could create uncertainty for fiduciaries, the trade association argues.
"We continue to feel confident about our ability to capture 90%," LPL CEO Rich Steinmeier told analysts during the firm's 2nd quarter earnings call.
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.
