Mercer Global Advisors said on Tuesday that it acquired Physicians Financial Advisors (PFA), a boutique registered investment advisor located in Newport Beach, Calif., according to a press release.
The addition of PFA is the fifth for the Denver-based Mercer Global Advisors this year. The RIA had a busy 2018, with eight advisory firms acquisitions.
With five offices already located in Southern California, Mercer now has 42 offices nationwide with total of $16 billion in asset under management.
PFA, which serves 80 high-net-worth households throughout the United States, will integrate into Mercer Advisors’ existing Newport Beach location, according to the release, which collectively serves more than 1,000 households with approximately $1.6 billion of AUM.
Founded by Dr. Erik Thurner, a physician and certified financial planner, PFA established a niche clientele of physicians and is uniquely suited to serve the medical community, the release said. It provides comprehensive wealth management services to its high-net-worth physician-focused clientele. Dr. Thurner and his staff will be joining Mercer Advisors, the release said.
Dave Welling, CEO of Mercer Advisors said the PFA staff is a great addition to the team and expand Mercer’s expertise serving medical professionals. “We currently serve approximately 2,000 physicians and dentists and we know the unique needs of these clients as well. Erik’s acumen and leadership will make a difference as we deepen our outreach to this professional community,” he said in a prepared statement.