Merit Financial Advisors today announced that it has acquired Triad Financial Strategies, adding two new offices in the greater Seattle area with a total of about $683 million in client assets.

The deal was finalized on September 30. Financial and legal terms of the deal were not disclosed.

Founded by Tait Lane in 2018, Triad, which specializes in financial planning and wealth management, has offices in Issaquah and Tacoma, Wash. The 16-member team includes eight advisors.

Lane, who will assume the role of regional director, told Financial Advisor Triad has experienced fast organic and inorganic growth over the past few years and wanted a partner that could solve some of the growing pains. After an extensive process, he said it became apparent that Merit’s infrastructure that had been upgraded over the past 12 to 18 months is exactly what they were looking for. “It gives us the ability to do what I think we do really well,” he said.

Lane added that there was nobody else in the marketplace that had “the appetite” to support what they really wanted to do. “Everyone else was very restrictive in what they were really looking for. Merit is just going to be an amazing partner,” he said.

Merit Financial Advisors President Kay Lynn Mayhue said establishing a presence on the West Coast was important to expanding Merit’s footprint nationally. She said there was an instant connection when they met Lane. “There were so many similarities from core values and a business plan,” she said, noting that Triad had already had great success in growth with client acquisitions and M&As. “And that align well with how Merit has grown.”

She noted that Triad has “absolutely incredible” leadership. “And it’s going to be a game changer for our firm. We are going to be able to leverage the talent that his team brings to the table, far wider tan just this limited geography,” she said. 

Triad is the 11th acquisition for the Atlanta-based Merit since taking a minority investment in December 2020 from Wealth Partners Capital Group and a group of strategic investors led by HGGC, leveraging its Aspire Holdings platform.

Mayhue added that Merit will double in size this year. “And the only way we have been able to do that is with the great talent that has joined the team through these types of partnerships.” 

Merit has 28 offices throughout the U.S. and managed $6.1 billion in assets as of April 30 ($4.34 billion in advisory, $1.69 billion in brokerage assets and $92 million in assets under advisement).