RIA Mercer Global Advisors has acquired McGee Wealth Management, a wealth management firm in Portland, Oregon, with about $815 million in assets under management.
MWM serves about 800 clients and was founded by Judith A. McGee, its CEO, and her daughter, D. Linette Dobbins, who is president and chief compliance officer. They also served as co-branch managers at Raymond James for more than 30 years.
The RIA focuses on delivering comprehensive wealth management services to high-net-worth clients. It has four shareholders: McGee; Dobbins; Jennifer Currin Gutridge, its executive vice president; and Sarah Elise Berry, vice president. In all, 15 MWM team members are joining Mercer.
The news comes only four days after Mercer said it bought Atlanta Financial Associates, an RIA with about $815 million in assets founded by Julianne Andrews and Cathy Miller. This purchase followed close behind Mercer’s acquisition of another Atlanta RIA, Kays Financial Advisory Corp., with about 700 clients and over $800 million in AUM.
McGee said in a statement: “In looking for a partner to discuss possible succession planning, finding one that shared our mission, vision and values was most important.” After speaking with David Barton, Mercer vice chairman and head of M&As, “I knew we had found the right partner,” she noted.
Dobbins has “worked closely” with Barton and the Mercer team “over the last several months and they have guided us well through the sale and transition process,” she added.
The MWM shareholders have “built an exceptionally strong and growing business in a highly desirable and competitive market,” according to Barton.
The RIA’s “reputation is beyond reproach and Judith is a recognized leader in a myriad of women’s initiatives across the United States,” he said in a statement.
“Judith and Linette also realized they needed a succession plan, and they wanted scale and leverage to better compete. They were referred to me by an industry colleague and we addressed those concerns in detail and developed a game plan to accomplish our joint objectives. Our business combination is a true win-win,” Barton explained.
The MWM team will be “augmenting our existing presence in Portland,” Dave Welling, Mercer Advisors CEO, pointed out. The transaction closed Dec. 31 and financial terms were not disclosed.
Mercer Global Advisors, based in Denver, now has over $25.5 billion in client assets. Its parent company is Mercer Advisors, which has about 500 employees and operates nationally with more than 45 locations. Oak Hill and Genstar are majority owners of Mercer Advisors, along with Mercer’s management.