Colorado-based RIA aggregator Mercer Advisors has purchased local peer Confluence Financial Advisors.
Boulder-based Confluence offers wealth management services to HNW clients. The firm was set up in 2015 by David Gardner and Judy McNary.
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Commenting on the acquisition, Gardner said: “When we were evaluating potential partners, we knew it had to check two key boxes: that it would be a good move for our clients, and a great place to practice fiduciary driven financial planning.
According to Gardner, Mercer is the “right partner” considering its leadership in fiduciary family office services.
The transaction adds nearly $240m to Mercer’s books, taking the firm’s total assets under management to more than $15bn.
As part of the deal, Gardner and McNary along with five team members will move to Mercer.
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By GlobalDataMercer vice chairman Dave Barton said: “Confluence and Mercer Advisors are a perfect cultural fit, we share the same values, we’ve both anchored our businesses on delivering robust financial planning to our clients, and we believe the only interests to consider are the best interests of the client.”
The acquisition, whose financial terms were not revealed, marks Mercer’s third deal this year.
Earlier this year, Mercer acquired California’s Dragon Financial Group and Michigan-based Arbor Asset Management.
