Mercer Advisors Adds McDermott Advisory in Delaware

In its pursuit of hybrid RIAs, Mercer Advisors Inc. has added Wilmington, Delaware-based McDermott Advisory Group.

With more than $150 million of assets under management, McDermott serves approximately 150 clients, providing financial planning, investment management and related services to its affluent and high-net-worth clients. Its clients will now also receive additional support from Mercer Advisors in multiple areas, including tax planning, estate planning, retirement plan services and more.

The acquisition of McDermott brings Mercer Advisors’ total offices to 36 and AUM to nearly $15 billion, as well as expanding its presence on the East Coast.

“The partnership provides business continuity to ensure advisors are available to provide trusted advice for generations to come,” Dave Welling, CEO of Mercer Advisors, said in a statement.

Founder Daniel M. McDermott, a 30-year industry veteran, is quoted saying of the sale, “The ability to design my ‘life after’ sale was important to me as I transition from active operator to just focusing on doing things I love. Working with Mercer Advisors extends my career by creating work-life balance.”

David Barton, who leads the company’s M&A activity, said in a statement that Mercer’s “national platform business allows [McDermott] to offload back-office responsibilities and compliance work, and transition investment management to our 14-member investment committee.”