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January 11, 2022 at 02:22 PM
What You Need to Know
- The acquisition of CFN expands Mercer’s presence in Florida and the Northeast.
- Other recent Mercer acquisitions included Mirsky Financial Management and Precipio Wealth Management.
- The chief executive of CFN said the best way for his firm to scale up and remain competitive was to join a bigger firm.
The RIA Mercer Global Advisors has acquired Cordasco Financial Network, an RIA in Naples, Florida, that serves more than 400 clients with combined assets under management of about $510 million, Mercer Advisors said Tuesday.
Mercer didn’t say how much it paid for CFN but said the transaction closed Dec. 31.
CFN was founded by Steve Cordasco, CEO, in 2011. The wealth management firm offers comprehensive financial planning and portfolio management to high-net-worth individuals, families and corporate clientele. CFN’s team will join Mercer.
Mercer Advisors is the parent company of Mercer Global Advisors, which is majority-owned by Oak Hill Capital and Genstar Capital. Its current client asset level is over $37 billion. The RIA, based in Denver, has over 640 employees and operates nationally through more than 60 offices across the U.S.
The acquisition of CFN expands Mercer’s presence in Florida and the Northeast, it said. Other recent Mercer acquisitions included Mirsky Financial Management, with about $320 million of AUM in Rochester, New York, and Precipio Wealth Management with about $250 million of AUM in McLean, Virginia, both announced separately in December.
‘Tax-Centric’ Planning
With a staff of retirement specialists, CPAs, insurance consultants and others, CFN’s team combines expertise in several fields to design and implement customized solutions that help guide clients toward economic success, according to Mercer.
“I’ve built an RIA firm that delivers ‘tax-centric’ financial planning advice and employs multiple CPAs to make sure client tax consequence is considered and optimized as part of their overall financial planning experience,” according to Cordasco.
