Colorado-based RIA aggregator Mercer Global Advisors has snapped up wealth manager Atlanta Financial Associates (AFA) for an undisclosed sum, marking its second Georgia acquisition in a week.

The acquisition of Atlanta-based AFA, a woman led and founded RIA established in 1992, completed on 31 December 2020.

As part of the deal, Mercer Advisors will absorb all 19 employees of AFA.

Mercer Advisors CEO Dave Welling said: “AFA is a strong and growing RIA who shares our dedication to providing an integrated and expansive set of services to clients to help them achieve financial health and peace of mind.

“AFA will be joining forces with our local resources in Atlanta expanding our already strong presence in Georgia and the Southeast region.”

David Barton, who led the deal on behalf of Mercer Advisors, called AFA both “compatible and complementary”.

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Set up by Julianne Andrews and Cathy Miller, AFA manages around $8150m and caters to nearly 570 clients.

The firm offers wealth management services to HNW clients and has four shareholders including Andrews, Miller, Rick Henderson, and Chris Blackmon.

Miller noted: “We had many suitors, but Mercer Advisors was most aligned with our business model and culture and allowed us to take advantage of their scale and leverage so we could offload middle and back-office responsibilities to disciplined and specialised experts.

“We also loved that they offered their clients in-house family office services like estate planning, tax return preparation and corporate trustee services.”

Mercer Advisors, founded in 1985, investment advice, financial and estate planning, and taxes, and corporate trustee and trust administration services.

The firm currently has around $25bn in client assets, with a presence across more than 45 locations and a staff headcount of over 440.

The AFA deal comes shortly Mercer Advisors’ acquisition of Kays Financial Advisory, another Atlanta, Georgia-based wealth manager with over $800m in assets.