Colorado-based RIA aggregator Mercer Global Advisors has taken over Virginia-based wealth management firm Pinnacle Wealth Solutions.
The transaction, whose financial details were undisclosed, wrapped up on 31 December 2020.
Founded by Carl Mahler, Jr. in 1985, Pinnacle offers wealth management services to HNW customers.
The company currently serves nearly 250 clients, with around $365m in client assets.
Following the acquisition, five Pinnacle team members are set to move to Mercer Advisors.
Commenting on the transaction, Pinnacle Wealth Solutions founder Carl Mahler noted that Mercer Advisors is a great fit for the company and its clients.
Pinnacle Wealth Solutions co-shareholder Jill Jeter added: “I’ve worked closely with Dave Barton and the Mercer Advisors’ team over the last six months. We’ve successfully solved complex transition issues as we maneuvered system and platform matters inside Raymond James, our committed partner and custodian, in completing our integration with Mercer Advisors on Raymond James’ Independent Advisor Division.
“Our combination is not only great for our clients, but also for our staff by providing them new career development opportunities,” Jeter added.
Said to be one of the largest RIAs and financial planning firms in the US, Mercer Advisors has been focusing on expanding its operation through M&A activities.
Earlier this month, the company snapped up Georgia-based wealth management firm Kays Financial Advisory, which manages over $800m in assets.
It also carried out a number of acquisitions last year, including that of Personal Financial Advisors, Summit Wealth Advisors, M.J. Smith and Associates, and ClearRock Capital, among others.
Speaking on the latest acquisition, Mercer Advisors CEO Dave Welling said: “Carl and Jill are well respected and known in Virginia. We share their commitment to serving clients at the highest level and our cultural alignment was apparent. Pinnacle adds to our existing presence in Virginia and the Mid-Atlantic region which is one of our fastest growing markets, and we look forward to serving their clientele for years to come with our enhanced family office business services.”