Merchant, which offers growth capital to independent financial services firms, has made a minority investment in River Wealth Advisors (RWA) as part of a partnership with the firm.

An independent RIA in Central Pennsylvania and the Lehigh Valley, RWA intends to accelerate its growth strategies with Merchant’s support.

The alliance will help RWA carry out organic and inorganic growth, build a distinctive client experience, and implement formalised career development tracks for its employees.

RWA currently has a team-based service model in place, which enables its clients to gain access to its ongoing relationship management, investment strategy, and financial planning.

At present, the firm’s assets exceed $1bn and has completed a management transition.

Its CEO Edward O’Gorman, who takes on this responsibility after an 11-year stint at the firm, and chief client officer Rebecca Stevenson McClure, who joined the firm in 2018, have assumed these expanded leadership positions.

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O’Gorman stated: “We saw an opportunity with Merchant to uphold our promise to our clients and our team members by maintaining majority ownership and day-to-day operational control at the local level.

“This strategic partnership provides growth capital and resources to galvanise the future evolution of our firm.”

Merchant managing partner Tim Bello said: “RWA has been uniquely supportive of the adviser-client relationship, working with adviser teams in central Pennsylvania and the Lehigh Valley to grow in a way that adds value well beyond the traditional wealth management offering.

“Also, a woman-owned, independent firm of its size is well-positioned to stand out as an attractive place for other advisers to bring their business.”

Last month, Merchant made a minority investment in US-based RIA Private Advisor Group, with over $30bn in assets.