US-based RIA aggregator Mercer Global Advisors has expanded its reach to Mississippi with the acquisition of Starkville-based wealth management firm ET George Investment Management.
Financial terms of the deal were not disclosed.
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The acquisition adds approximately 155 clients and $170m in assets to Mercer Advisors.
Founded in 1974 by Ernie George, the acquired firm provides comprehensive wealth management services to its clients.
As part of the deal, the entire George team will join Mercer Advisors.
Ernie George said: “I love Mercer Advisors’ family office service offering, and that they could take over with back-office responsibilities and help us to offer a broader range of services for our clients.
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By GlobalData“Most importantly, however, was their commitment to serving their clients with excellence, and likewise committed to providing career development opportunities for their staff.”
The transaction was led by Mercer Advisors vice-chairman David Barton.
Mercer Advisors CEO Dave Welling said: “Ernie has assembled a very strong team and is highly respected. His involvement and contributions to his community, this industry, and local philanthropic organisations demonstrates his strong character.
“This is the type of talent we seek to add to our team. We are excited to partner with the George team and look forward to serving their clients with expanded wealth management services for years to come.”
Continuing acquisition spree
Established in 1985, Mercer Advisors is one of the key RIAs and financial planning firms in the US.
The company has been focusing on expanding its presence through M&A activities since the last few years.
Its recent deals include the acquisition of Washington-based wealth management firm Hart Capital Management and Virginia-based Pinnacle Wealth Solutions.
Last year, Mercer Advisors acquired a number of companies, including Personal Financial Advisors, Summit Wealth Advisors, M.J. Smith and Associates, and ClearRock Capital.
In 2019, the company took over a number of RIAs including Dragon Financial Group, Arbor Asset Management, and Confluence Financial Advisors among others.
