Mercer Global Advisors has acquired two RIAs that collectively manage $1.675 billion in assets for high-net-worth and ultra-high-net-worth clients in Denver and Minneapolis, according to a press release.
The Denver-based wealth and financial planning firm announced today its acquisition of Chapel & Collins, managing about $675 million in HNW clients in Fort Collins, Colo., expands its presence in greater Denver. It also boosts Mercer’s AUM in the state to $5 billion across seven offices in the area. Mercer manages $66 billion overall.
Mercer also grew its presence in Minneapolis with the acquisition of Waypoint Capital Advisors, an investment advisory and financial planning firm that manages nearly $1 billion in assets for UHNW individuals and families.
Both acquired firms also help families manage the transfer and preservation of multigenerational wealth.
Mercer didn’t disclose financial details of the acquisitions.
“Growing our footprint in Greater Denver and Fort Collins helps us deepen our roots in one of our key markets,” Mercer CEO Dave Welling said in a prepared statement. “By extending our integrated wealth management experience to more families in the Denver area, we’re able to help amplify and simplify their financial lives. In doing so, we can make a meaningful impact on these vibrant local communities.”
Chapel & Collins brings aboard an experienced seven-member team, including four certified financial planners, serving more than 500 individuals and families, according to the release. Chapel specializes in working with business owners, retirees and pre-retirees, in addition to advising corporate retirement plans and providing institutional consulting services, the press release said.
“Families with multigenerational wealth are often confronted with complex financial lives that require a more nuanced, thoughtful approach." said Mercer founding partner Dennis Collins in a statement. “Partnering with a leading national fiduciary firm like Mercer Advisors helps empower our team of advisors to strengthen existing client relationships and develop new ones.”
Along with expanding its footprint in Minneapolis, Mercer said in the release that the acquisition of Waypoint also boosts its family office offerings and UHNW practices.
“Waypoint is a terrific complement to Mercer Advisors and will deepen the depth and breadth of our teams focused on serving multi-family offices and ultra-high-net-worth families,” Welling said.
Waypoint CEO & Managing Partner Jon Kennedy said, “Mercer Advisors will be a long-term home for our 12 professionals, who are excited to access the full-service wealth management services, resources, and capabilities of a high caliber RIA.”
The Chapel and Waypoint acquisition announcements come after Mercer announced two separate acquisitions in as many days early last month that added close to $1 billion in client assets. On Oct.1 Mercer said it bought Kiely Wealth Advisory Group, a North Carolina firm with $523 million in AUM, and the following day announced the purchase of Kades & Cheifetz LLC, a Philadelphia firm managing about $440 million.