Mercer Global Advisors has acquired Poterack Capital Advisory (PCA) and Long Run Wealth Advisors, adding approximately $905m in assets under management to its portfolio.
PCA, based in Jackson, Wyoming, manages around $265m in client assets.
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Founded in 2001 and led by CEO Ryan Poterack, the firm serves clients across more than 30 states, operating within a virtual model.
The team, which includes Anna Hopkins and Alec Quaid, provides services such as asset management, tax strategies and wealth planning through a virtual model.
As part of Mercer Advisors, the PCA team will now be able to utilise additional resources, including investment management, estate and tax planning, and financial planning tools.
Mercer Advisors executive managing partner, M&A partner development, Ted Motheral said: “Ryan and his team are forward-thinking and work tirelessly in service of their clients.
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By GlobalData“Their growth mindset and next-generation talent align well with our long-term vision, and we look forward to supporting their continued success.”
Long Run Wealth Advisors manages about $640m and is based in Lake Placid, New York. The firm is led by Kevin Brady and Lynn Magnus.
Its seven-person team offers financial planning and wealth services to a range of clients including individuals, business owners, retirees and nonprofit groups.
The addition of Long Run Wealth Advisors extends Mercer Advisors’ reach within upstate New York and neighbouring regions such as Vermont.
The Long Run team will also have access to expanded services and resources offered by Mercer Advisors.
Motheral commented: “Kevin and Lynn have built a talented, growth-minded team, with a clear commitment to multigenerational client relationships.
“That combination of seasoned leadership and strong culture is exactly what we seek in a partner. Their commitment to long-term client continuity makes them an excellent addition, and we’re thrilled to welcome the team to Mercer Advisors.”
Last month, Mercer Advisors purchased Glass Jacobson Wealth Advisors, which managed close to $1bn in assets at the time of acquisition.
