Mercer has added 17 firms in the last three years.

“M&A in wealth management is red hot — there is a frothiness out there,” Dave Barton, vice chairman of Mercer Advisors, said during a panel discussion at last month’s MarketCounsel Summit in Las Vegas.

Barton knows of what he speaks. Mercer announced Thursday that it had acquired Dragon Financial Group, a San Mateo, California-based RIA that provides financial planning and investment management services to San Francisco Bay area investors.

This was Mercer’s 17th acquisition over the past three years; these have fattened its coffers by more than $6 billion.

Dragon, which has some $110 million in assets under management, is owned and operated by Joseph Mah and Marie Chao. The acquisition brings Mercer Advisors’ total offices to 38, including seven in California.

“Mercer Advisors is an excellent cultural fit for Joe, Marie and their team,” Barton said in a statement. “We both believe in the fee-only, fiduciary, planning-centric business model and share an unwavering commitment to put clients first.”

He noted that both firms integrate technology throughout their service offerings to ensure clients receive advice 24/7 through the formats and mediums they rely on.

“Finally, the fact that Dragon drew from the young professional communities of both San Francisco and San Jose was attractive to us,” Barton said.

Dragon Financial Group was represented in the sale by DeVoe & Co.