Georgia-based Merit Financial Advisors has purchased Sanctuary Wealth Management and Fiduciary Services (FS).
Financial specifics of the deal were not revealed.
This acquisition adds $1.6bn in assets to Merit’s books and allows it to expand into Idaho.
Sanctuary provides investment advisory and portfolio management services for private clients and offers retirement and investment solutions, such as 401(k) plans, to corporate clients.
FS, a subsidiary of Sanctuary, focuses on employee stock ownership plans (ESOPs) and acts as both transactional and ongoing ESOP trustees for clients.
Sanctuary’s collaboration with Merit is expected to improve back-office and administrative support while utilising Merit’s technology for client services. Additionally, Merit will broaden its corporate client offerings by including ESOPs.
Brett Robison, Gene Clay Esplin, and Joel Phillips will assume the role of wealth manager at Merit, along with their team.
Brett said: “We are incredibly optimistic about the future and the enhanced services we will be able to provide as a result of this merger.”
The latest deal is Merit’s 34th purchase since receiving a minority investment in December 2020 from Wealth Partners Capital Group, along with strategic investors led by HGGC’s Aspire Holdings platform.
Merit managing principal and partner Tait Lane said: “With more than 20 years of experience serving high-net-worth clients and corporate clients, Brett, Clay, Joel, and their team will help elevate our expertise in these areas.
“Partnering with Fiduciary Services also allows us to continue to build out our corporate plan offerings. Merit is committed to partnering with leaders who bring deep industry knowledge, Sanctuary and Fiduciary Services has proven to meet that standard.”
Last month, Merit established its fifth office in Pennsylvania with the acquisition of Hershey Wealth Advisors.
