In its continuing expansion efforts, Mercer Advisors, one of the fastest-growing consolidators in the financial industry, has added three new mergers and acquisitions experts to its staff.
Paul Stetz is joining the Denver-based RIA as managing director and will be responsible for co-leading M&A deals in the Great Lakes and Northeast regions with David Barton, Mercer Advisors’ vice chairman. Stetz was formerly with both Fidelity and Schwab’s RIA custody businesses in executive management roles for almost 20 years.
While at Fidelity, Stetz was responsible for relationship management and strategic business development, serving over 1,300 RIA firms. At Schwab, he was the managing director of the Great Lakes region, consulting with more than 270 large RIA firms on business management issues and growth strategies.
Also joining Mercer Advisors as managing director, responsible for co-leading M&A deals in the West with Barton, is Vince Gimarelli. He was in senior management roles with Schwab Advisor Services and two independent RIAs in the Northwest. During his tenure with Schwab, Gimarelli focused on sales and consulting in addition to RIA practice management for the Pacific Northwest and San Francisco Bay Area. He has also served as a national director of business development at a $25 billion multi-family office.
Rounding out the appointments to the new mergers and acquisitions team is Sandra Nesbit, who is also a managing director. Nesbit was with GFS Private Wealth, which was acquired by Mercer Advisors. She co-founded GFS Private Wealth after breaking away from Merrill Lynch.
At Merrill, Nesbit helped build financial planning tools and resources. She will be responsible for co-leading Mercer’s M&A deals in the Southeast with Barton.
In just the last two years, Mercer Advisors, a national RIA, has acquired 13 independent RIA firms with more than $4.2 billion in total AUM, which brings its current AUM to $12.3 billion and its current client number to approximately 9,000. In addition to mergers and acquisitions, Mercer has grown organically, adding 800 clients last year and more than 900 the year before, Barton said.
“Our mergers and acquisitions activity is growing rapidly,” said Barton. “Our extended value proposition of providing in-house estate planning advice and documentation, asset protection, tax returns preparation and corporate trustee services is a competitive differentiator among investment management or financial planning firms. Further, our national footprint of 29 offices and growing allows us to be near our clients to deliver high-quality, high-touch, multidisciplinary advice.”
Mercer’s biggest gain came when it merged with Houston-based Kanaly Trust in early 2016. The combined firms operate under Mercer Advisors’ CEO David Welling. Welling took Barton’s place after Barton left the CEO position to focus solely on mergers and acquisitions.
This year, Mercer Advisors has acquired Traust Sollus, a wealth management firm specializing in providing high-net-worth individuals with investment management, financial planning and tax-planning strategies. The acquisition added new offices in New York City and Princeton, N.J., and $420 million in AUM. Mercer also acquired Murray & Co., a privately owned independent RIA based in Austin, Texas, and Pinnacle Investment Management Inc., based in the greater Hartford, Conn., area.