RIA Mercer Advisors says it has acquired Denver-based M.J. Smith and Associates, which works with $910 million of assets.
The move follows Mercer’s recent purchase of Beverly Hills-based Argosy Wealth Management, which has $330 million under management. Mercer, which is owned by Oak Hill Capital and Genstar Capital, has about $20 billion in total assets.
It also means Mercer is now working with about $2 billion of client assets in Colorado, according to Mercer Advisors CEO Dave Welling, who says Mercer moved to the Centennial State from California in 2018.
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M.J. Smith serves 490 households and focuses on high-net-worth clients. Mark Smith, CFP and CPA, launched the firm in 1983; he is joining Mercer along with 11 staff members.
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“Despite all of our growth and success, we knew we were at the place of needing to build a robust internal or external succession plan,” according to Smith. “We also understood that reaching true scale would require additional significant expenditure.”