Mercer Global Advisors Inc. today said it bought Personal Financial Advisors LLC, a Covington, La.-based registered investment advisor with roughly 140 clients and assets under management of about $105 million.
Mercer Global Advisors’ parent company is Mercer Advisors Inc., which is majority owned by Oak Hill Capital and Genstar Capital. The Denver-based RIA’s aggressive acquisitions pace since 2017 has expanded its national footprint to more than 40 locations and $21 billion in client assets.
The firm seeks to acquire smaller RIAs that share its investment philosophy and fiduciary client service model, and it integrates them into its platform, which provides a full gamut of wealth management services ranging from investment management to estate planning.
Personal Financial Advisors was founded by Robert Reed Jr., in 1999. It offers full-service financial planning and investment management to its mass affluent and high-net-worth clientele. Reed and his three-person staff will transition to the Mercer Advisors team.
According to the press release announcing the acquisition, Reed wanted to partner with a larger RIA for several reasons, including providing employment continuity and career path opportunity for his staff, along with off-loading back-office responsibilities in order to focus on serving existing clients and gaining new ones.
Both he and Mercer Advisor executives said the two firms matched up well regarding cultural fit and their respective client service models.