Mercer Advisors Inc, which is backed by Genstar Capital, has acquired Wilmington, Delaware-based McDermott Advisory Group, a registered investment adviser. No financial terms were disclosed.
DENVER, November 27, 2018 – Mercer Advisors Inc. (“Mercer Advisors”), a national Registered Investment Adviser (RIA), today announced the acquisition of McDermott Advisory Group, a respected RIA firm located in Wilmington, Delaware. McDermott provides a full complement of financial planning, investment management, and related services to its affluent and high net worth clients.
McDermott Advisory Group, LLC has more than $150 million of Assets Under Management (AUM), serves approximately 150 clients, and was founded in 2006 by Daniel M. McDermott, CFP®, a 30-year industry veteran. This acquisition brings Mercer Advisors’ total offices to 36 and AUM to nearly $15 billion and expands its presence on the East Coast.
Dave Welling, Chief Executive Officer of Mercer Advisors, said, “We are delighted to be joining forces with McDermott Advisory Group and continuing to deliver services to their clients. McDermott is dedicated to delivering personalized financial planning and our partnership provides McDermott with enhanced services for clients, growth, and business continuity. Their clients will receive additional support from Mercer Advisors in multiple areas, including, tax planning, estate planning, retirement plan services, and more. In addition, the partnership provides business continuity to ensure advisors are available to provide trusted advice for generations to come.”
“Mercer Advisors’ service model is second to none and they allowed me to customize my role with them post-transaction. Their approach to partnering with firms like mine was unique, and I had met with several serial acquirers before talking to Dave Barton, Mercer Advisors’ Vice Chairman,” said Founder Dan McDermott. “The ability to design my ‘life after’ sale was important to me as I transition from active operator to just focusing on doing things I love. Working with Mercer Advisors extends my career by creating work-life balance.”
David Barton, who leads the company’s M&A activity, said, “Mercer Advisors is an excellent fit for Dan and his four member team because our national platform business allows him to offload back-office responsibilities and compliance work, and transition investment management to our 14-member Investment Committee, all while enhancing the client value proposition by increasing the investment product line-up, and adding Mercer Advisors’ family office services like tax strategy and preparation, estate planning and corporate trustee advisory acumen to his clients in one seamless transaction.” Barton added, “Mercer Advisors’ M&A model allows the seller to design their ‘ideal life after’ and do that life planning Dan had been doing for his clients for decades. Dan realized this was his chance, his time, to create work-life balance, offload responsibilities he doesn’t like to do, and focus on just doing those things he loves – helping his clients achieve economic freedom.”
About Mercer Advisors
Established in 1985, Mercer Advisors Inc. is a total wealth management firm that provides comprehensive, fee-only investment management, financial planning, family office services, retirement benefits and distribution planning, estate and tax planning, asset protection expertise, and corporate trustee and trust administration services. Mercer Advisors is the parent company of Mercer Global Advisors, one of the largest independent Registered Investment Advisers and financial planning firms in the U.S. with nearly $15 billion in client assets. Headquartered in Denver, Mercer Advisors is privately held, has over 300 employees, and operates nationally through 36 branch offices across the country. For more information, visit www.merceradvisors.com.
Data as of November 27, 2018. AUM includes affiliates and wholly owned subsidiaries.