Mercer Global Advisors, a SEC-registered investment adviser (RIA) in the US, has acquired wealth management firm Personal Financial Advisors (PFA) to expand presence in Louisiana.
The acquired firm is said to serve around 140 clients with assets under management (AUM) of approximately $105m.
Founded by Robert Reed, Jr. in 1999, the firm offers full service financial planning and investment management services to their mass affluent and high net worth (HNW) customers.
As part of the transaction, Robert and other three PFA staffs will join the Mercer Advisors team.
Commenting on the development, Robert said: “My intent is to join an enduring, national RIA that would not only continue our current level of care for our clients, and do that for generations to come, but also expand the value proposition. I found that partner in Mercer Advisors.”
Mercer Advisors vice-chairman David Barton added: “This is a true win-win business combination. Robert had four primary concerns a successful partner candidate must meet. First, they must be a great cultural fit and provide value add to their clients.
“Mercer Advisors’ family office service model and commitment to fiduciary based comprehensive financial planning checked that box. He also wanted to make sure his staff had employment continuity and career path opportunity.”
In January this year, Mercer Advisors acquired First Ohio Planning. It also snapped up wealth manager CCP, adding around $140m in assets to its books.