Mercer Buys $910M RIA
The deal means Mercer is now working with about $2 billion of assets in Colorado, where it is based.
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.
HNW Client Services
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.
“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.”
The M.J. Smith team also plans to add some of Mercer’s family office services, such as in-house estate planning, tax return preparation, and corporate trustee services.
“Mark has also built a large firm presenting a complex transaction involving many moving parts including adding a new custodian, addressing FINRA broker-dealer operational aspects, to name a few,” said Mercer Vice Chairman Dave Barton, in a statement.
“We were able to create a transition plan that accommodated his operational demands, as well as ensure his staff and clients were well taken care of — all of which were on Mark’s ‘must haves’ list,” Barton explained.
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