Mercer Global Advisors has boosted its presence in North Carolina with the acquisition of Kiely Wealth Advisory Group (KWAG), an Oak Ridge, N.C.-based firm with $523 million in assets under management, according to a news release.
Founded in 1996 by president and CEO Joe Kiely, KWAG also has offices in Asheville, Greenville and Wilmington, according to its website. Its management team has worked together for more than 20 years and serves 530-plus clients, the release said.
“For more than 25 years, we’ve focused on serving clients as a fiduciary with financial planning at the center of our service model. We were intrigued that Mercer Advisors shares our values and would help us scale,” Kiely said in a statement. The release noted that Kiely, who has a Ph.D., strongly emphasizes client education and empowers investors to make better decisions.
Mercer Vice Chairman David Barton said, “Joe and the team at KWAG think about the world in ways that are hyper-compatible with our family office model and our commitment to serving clients as a fiduciary."
Mercer CEO Dave Welling added, “With the union of our firms, the clients of KWAG will gain access to our suite of wealth solutions, including estate, tax, and insurance planning. Together, we will enhance the financial well-being of our shared clients."
Denver-based Mercer Advisors, which was established in 1985, is a parent company of Mercer Global Advisors and is majority owned by Oak Hill Capital and Genstar Capital. The firm has more than $63 billion in client assets and with more than 1,150 employees in more than 90 offices across the country.