Colorado-based RIA aggregator Mercer Global Advisors has purchased Georgia-based wealth management firm Kays Financial Advisory, which manages over $800m in assets.
Financial terms of the transaction, which completed on 30 November 2020, were not revealed.
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Founded in 1985 by Scott Kays, the acquired company serves around 700 clients. It provides a spectrum of wealth management services to HNW customers.
Scott, along with his team of 16 employees, including five co-shareholders, will move to Mercer Advisors as part of the deal.
David Barton who led this deal on behalf of Mercer Advisors said: “Scott and his superior team pride themselves on delivering expanded services to their clientele and operate as a comprehensive wealth manager.
“In this regard they are a perfect fit for Mercer Advisors because we are a family office complete with in-house estate planning attorneys, tax return preparation, and corporate trustee services. While Covid and general socioeconomic uncertainty made this deal, or any deal, difficult to complete, Scott and his partners were stand-up through it all, high integrity people and a pleasure to work with.”
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By GlobalDataCommenting on the transaction, Mercer Advisors CEO Dave Welling said the merger of the two firms presents a ‘formidable juggernaut in Georgia and the Southeast’.
Established in 1985, Mercer Advisors offers investment advice, financial and estate planning, and taxes, and corporate trustee and trust administration services. It is said to be one of the largest RIAs and financial planning firms in the US.
Last year too, Mercer Advisors continued its growth trajectory with several M&A activities.
In October 2020, the firm acquired wealth management firm Personal Financial Advisors to expand presence in Louisiana.
Last August, Mercer Advisors strengthened its footprint in its home market with the takeover of Summit Wealth Advisors.
Mercer Advisors also acquired wealth manager M.J. Smith and Associates, and ClearRock Capital, among others, last year.
