Financial advisory firm Merit Financial Advisors has acquired Tedstrom Wealth Advisors and I.M. Wealth Care (IMWC).

Financial terms of the transactions were not revealed.

Tedstrom Wealth specialises in wealth management and financial planning and has clients across the country. Its Peter Tedstrom will join Merit as a regional director as part of the deal.

Tedstrom said: “I’m thrilled our team is joining forces with Merit Financial Advisors. We evaluated a number of different potential partners, but Merit’s team checked all the boxes.

“This transition will allow our team to centralise select operations, deliver economies of scale and provide more time for my team to personally connect with clients and prospects.”

IMWC, which has offices in Greenwood Village and Colorado Springs, focuses on financial planning, investment management, and business consulting.

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The firm has been an Independent Advisor Partner of Merit’s for around three years. The deal will enable IMWC to continue utilising Merit’s back-office and operational expertise.

The Denver-based firms, which collectively increase Merit’s acquired assets by $381m, will establish the firm’s presence in the region.

Commenting on the deals, Merit CEO and founder Rick Kent said: “Establishing a strong presence in the Denver area has been a priority of ours for quite some time, and these teams bring the perfect mixture of experience, thriving businesses, and strong community roots to make this happen.”

The deals mark Merit’s fourth and fifth acquisitions since receiving a minority investment in December 2020 from Wealth Partners Capital Group (WPCG) and a group of strategic investors led by HGGC.

In January this year, the firm acquired Biltmore Capital Advisors and its affiliated firm Stone Creek Capital Management.