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January 07, 2021 at 03:35 PM
RIA Mercer Global Advisors has acquired Atlanta Financial Associates, a wealth management firm in Atlanta with about $815 million in assets under management.
AFA serves about 570 clients and was founded in 1992 by Julianne Andrews and Cathy Miller, who serve as principals at the firm, along with Rick Henderson. It focuses on delivering comprehensive wealth management services to high-net-worth clients. AFA has four shareholders, including the three principals and Chris Blackmon, senior wealth manager.
Nineteen AFA team members will be joining Mercer as part of the transaction, which closed Dec. 31. Financial terms were not disclosed.
The purchase follows Mercer’s acquisition of another Atlanta RIA, Kays Financial Advisory Corp., with about 700 clients and over $800 million in AUM. That transaction was announced Tuesday after closing Nov. 30.
Other recent Mercer acquisition announcements included: Denver-based M.J. Smith and Associates, which works with $910 million of assets, in July; Frisco, Colorado-based Summit Wealth Advisors, with AUM of about $130 million in August; and Covington, Louisiana-based Personal Financial Advisors with AUM of about $105 million in October.
Like Mercer, AFA is a multi-family office of financial experts.
“When it came time for us to discuss our own succession plan and business continuity strategy, we wanted to make sure our clients continued to receive the highest quality of care,” Andrews said in the announcement. “To that end, we looked for a partner that shared our ‘client first’ mindset and could deliver on the promise of the highest caliber financial stewardship.”
