Mercer Global Advisors has acquired Virginia-based Precipio Wealth Management further accelerating its acquisition spree.

Financial terms of the deal were not disclosed.

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Founded as a fee-only registered investment adviser (RIA) in 2009, Precipio provides financial planning and portfolio management to high-net-worth (HNW) individuals, families, trusts, and retirement plans.

The firm, which adds around $250m in assets to Mercer, has clients in 19 US states.

As part of the deal, the entire Precipio team will join Mercer.

Commenting on the deal, Precipio co-founder Katherine Parrish said: “In our meetings with Dave Barton and other management, it was very important to us that we find a partner that reflected our values, and it was clear we all shared a deep commitment to the fiduciary model and putting clients’ interests first.

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“We also wanted to be sure our staff was not only retained, but also have career development opportunities, and Mercer Advisors does that.

“The fact that Mercer Advisors can take over our back-office responsibilities, ever-increasing compliance duties, and offers in-house family office services such as estate planning, trust administration, and tax were also driving factors in making our decision to join the Mercer Advisors team. We couldn’t be more excited.”

Mercer Advisors CEO Dave Welling said the acquisition would expand the firm’s presence in Virginia and the Mid-Atlantic region.

In October this year, Mercer took overTexas-based wealth management firm Quest Capital and Washington-based wealth management firm Miller Advisors.

The firm has a made a number of purchases earlier this year, including that of AFI Wealth Strategies, ET George Investment Management, Hart Capital Management and Pinnacle Wealth Solutions.