Mercer Global Advisors has acquired Florida-headquartered wealth management firm Cordasco Financial Network (CFN) for an undisclosed sum.
Founded by CEO Steve Cordasco in 2011, CFN offers financial planning and portfolio management to high-net-worth individuals, families, and corporate clientele.
The firm adds assets under management (AuM) of around $510m and more than 400 clients to Mercer Advisors.
As part of the transaction, CFN’s team, consisting of retirement specialists, CPAs, insurance consultants, will join Mercer Advisors.
Cordasco said: “Our business model is successful, we are growing fast, but we lack the scale and leverage necessary to accommodate our growth with back-office responsibilities gobbling up valuable time and resources.
“Of course, being able to offload back-office responsibilities to Mercer Advisors will add significant excess capacity to me and my team freeing us up to service more clients, and win new ones.”
The latest deal follows Mercer Advisors’ ongoing consolidation strategy.
The firm acquired New York-based wealth management firm Mirsky Financial Management Corporation and Virginia-based Precipio Wealth Management last month.
It followed the takeover of Texas-based Quest Capital and Washington-based Miller Advisors in October last year.
Commenting on the latest deal, Mercer Advisors CEO Dave Welling noted: “Steve has built a great business and strong team, and they are highly respected wealth management professionals.
“In all respects, this union adds to our culture, our expertise, and our commitment to local markets. We look forward to working together as we strive to deliver outsized results for our clientele.”