Mercer Global Advisors has announced the acquisition of Adam Financial Associates (AFA), a wealth management firm from Boca Raton, Florida.

AFA currently serves around 200 households with assets under management (AuM) of $190m. Mari Adam, found and president of AFA, will join Mercer Advisors with her three-member team.

The acquisition of AFA takes Mercer Advisors, a national registered investment adviser (RIA), to three offices in Florida. Mercer Advisors offices now total 46 and its overall AuM is valued at close to $17.5bn.

AFA specialises in working with women, couples, and people who want to enjoy a financially confident, fulfilling life.

Adam is a veteran CFP with nearly 30 years’ of experience and a lifelong advocate of women and wealth issues.

Dave Welling, chief executive of Mercer Advisors, said: “Mari and her team are great additions to our firm’s expertise, culture and regional presence in Florida. We are particularly excited about AFA’s dedication to serving female clients and how Mari and her team will enhance our women’s initiative, InvestHERS, which aims to educate and empower women in achieving Economic Freedom.

“We have over one hundred client service teams across the United States and adding strong, complementary teams in Florida, a market we seek to expand in, gives us added muscle where we want it. We look forward to serving all of AFA’s clients for years to come.”

Adam added: “Clients know us for our concierge-level service model and objective, unbiased advice. So finding the right partner, a firm that shares our values and commitment to putting clients’ interests first, was of paramount importance in our quest to formalise a succession plan. We think it’s a great cultural fit, and we look forward to joining the Mercer Advisors team!”

AFA was represented by DeVoe & Company, a consultaning firm and investment bank to RIAs.

In November 2019, Mercer Global Advisors continued its acquisition spree by snapping up AL Hewitt, a California-based wealth management firm.

Mercer Global Advisors offers investment management, financial planning, and family office services, among others. Set up in 1985, the firm has staff strength of more than 390.

In 2019, the company acquired Sage Future FinancialRegent Wealth Management Group, and Physicians Financial Advisors.

It also purchased Jackson Financial ManagementConfluence Financial Advisors and Arbor Asset Management this year.

On the other hand, Oak Hill Capital signed a deal in September to acquire a stake in Mercer Global Advisors.