Colorado-based Mercer Advisors has acquired McDermott Advisory Group, an investment advisory firm based in Delaware, for an undisclosed sum.
Established in 2006, McDermott offers financial planning, investment management, and associated services. The business tends to around 150 HNW clients.
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The acquisition will add over $150m in assets to Mercer’s books, taking the firm’s total assets under management to around $15bn. The deal will also increase Mercer’s branch network to 36.
McDermott founder Daniel McDermott said: “Their approach to partnering with firms like mine was unique, and I had met with several serial acquirers before talking to Dave Barton, Mercer Advisors’ Vice Chairman.”
Mercer CEO Dave Welling said: “McDermott is dedicated to delivering personalised financial planning and our partnership provides McDermott with enhanced services for clients, growth, and business continuity.
“Their clients will receive additional support from Mercer Advisors in multiple areas, including, tax planning, estate planning, retirement plan services, and more. In addition, the partnership provides business continuity to ensure advisors are available to provide trusted advice for generations to come.”
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By GlobalDataMercer has been on an acquisition spree in the recent times. Earlier this month, the firm acquired Financial & Investment Management Group, Sigma Investment Management Company, and Beacon Wealth Management.
