Mercer Global Advisors Inc. today announced the acquisition of Kades & Cheifetz LLC, a Berwyn, Pa.-based firm that handles about $440 million in assets under management.
This marks the second purchase in as many days for the Denver-based Mercer Advisors, which has more than $63 billion in client assets. The firm yesterday announced that it had acquired Kiely Wealth Advisory Group (KWAG), an Oak Ridge, N.C.-based firm with $523 million in AUM.
Kades & Cheifetz, which also has a location in Boca Raton, Fla., was co-founded in 2016 by the firm’s partners, Howard Kades and Stephen Cheifetz, according to its website. The firm “delivers a highly customized financial service, seeking to create and preserve wealth for present and future generations,” the release noted.
“Joining Mercer Advisors allows us to free up our time to focus on serving existing and new clients. We thrive serving affluent families that want help creating and executing plans that secure their economic futures,” Kades said in a statement.
Added Cheifetz: “We realized many clients were growing to expect more comprehensive support covering their full wealth picture. Mercer Advisors and the family office offering helps us solve this.”
David Barton, Mercer's vice chairman who led the acquisition, said, “Howard and Steve built an attractive clientele focusing in the affluent ‘Main Line’ area that runs west of Philadelphia. Mercer Advisors has had a presence in this market for nearly three decades and we are excited to continue growing together in this region and beyond.”