Mercer Advisors has acquired Wealth Design Services, a New York-based advisory firm, for an undisclosed sum.
The addition of Wealth Design, which also includes a tax practice, adds $160m to Mercer’s books and boosts Mercer’s overall assets to $10.6bn. The acquisition represents the seventh one for Mercer in 16 months.
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Wealth Design founder and president Steven Schwartz and its management will remain with the firm and will support Mercer’s expansion plans in New York and the Northeast.
Mercer CEO Dave Welling said: “Steve has built Wealth Design Services into a firm with an excellent reputation for delivering personalized wealth management services to their clients. We are thrilled to add a strong presence in Rochester and to be adding a team with deep expertise in retirement, estate and tax planning to the Mercer family.
“WDS is a strong fit for us as we continue to broaden our “family wealth” service model and expand upon Mercer’s leadership in delivering high-quality, high-value wealth management services.”
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