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June 9, 2022

Mercer Advisors continues acquisition spree with new deal

Continuing its acquisition streak, Mercer Global Advisors has snapped up Berkson Asset Management and professional corporation Steven M. Berkson.

Financial terms of the transaction were not disclosed.

Founded in 1995 by Steven Berkson, the acquired entity is a California-headquartered wealth management company with around 100 clients and approximately $185m in assets under management (AuM).

The firm offers customised financial plans as well as personalised wealth management strategies to its clients.

Berkson also operates a tax and accounting firm.

As part of the agreement, the entire staff of Berkson will join Mercer Advisors.

Commenting on the deal, Berkson said: “After talking with David Barton, Vice Chairman and Head of Mergers & Acquisitions at Mercer Advisors, we knew we had found the right partner who shared a high commitment to the highest quality client care and put clients’ interests first.

“Mercer Advisors was definitely the best fit for us, and the fact we could offload onerous back-office services and add new services like in-house estate planning, and corporate trustee was a huge plus. We could not be more excited.”

The latest deal follows Mercer’s acquisition of HYA Advisors and related entity Heim, Young & Associates.

The firm made a number of purchases this month, including Missouri-headquartered Convergent Wealth Management and Florida-headquartered wealth management firm Cordasco Financial Network.

Mercer Advisors CEO Dave Welling said: “Steven and his team have built a great business, a formidable team and they are a highly respected group of wealth management professionals that share our commitment to integrating financial planning with tax planning and preparation.

“We are thrilled to be opening a new location in Woodland Hills, California and look forward to working together to help deliver meaningful results for our shared clients.”

Last year, Mercer took over a number of wealth management firms, including Precipio Wealth Management, Quest Capital, and Miller Advisors.

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