Oakhill Capital- and Genstar-backed Mercer Global Advisors acquired Rowland Carmichael Advisors, a wealth management firm in Scottsdale, Arizona. RCA works with about 240 clients with assets under management/advisement of more than $850 million. Tim Rowland and David Carmichael formed RCA in 1986. The add-on transaction closed on Dec. 31, 2020.
Mercer Global Advisors Inc. (“Mercer Advisors”), a national Registered Investment Adviser (“RIA”), today announced the acquisition of Rowland Carmichael Advisors, Inc. (“RCA”), a respected wealth management firm located in Scottsdale, Arizona. RCA serves approximately 240 clients with assets under management / advisement (collectively “AUM”) with over $850 million. Tim Rowland (“Tim”), CFP®, MBA, and David Carmichael (“David”), founded RCA in 1986 delivering comprehensive wealth management services to its high net worth (HNW) clients, including a robust retirement plan service business and attendant corporate clientele. RCA has four shareholders that include Tim and David, and a strong next generation leadership team in Jaron Carmichael, CPA, CFP®, Masters in Tax, and Corey Bird, CFP®, MBA in Finance, and Masters in Psychology. In all, nine (9) RCA team members will be joining the Mercer Advisors’ team. The RCA transaction closed December 31, 2020.
Like Mercer Advisors, RCA is a multi-family office of financial experts who have acquired generations of knowledge and diverse skill sets to provide industry leading financial guidance for their clients. Using their T.R.U.S.T. Process (“Tomorrow’s Retirement Ultimately Starts Today”), RCA builds a tailored plan that puts their clients dreams within reach and offers peace of mind.
Commenting on the transaction, Tim Rowland, Founder, stated: “We are committed to serving the comprehensive wealth management needs of our clients. To that end, David and I have built a family office business with a team of dedicated professionals that share that level of commitment and excellence to our valued clients. While we have a strong team and great next generation talent and leadership, David and I realized that we needed to find a like-minded partner that could not only provide a business continuity plan for us, our clients, and staff, but also help us scale and leverage of our operation.” Co-Founder David Carmichael added, “For us it was the choice of building it or joining it, and we decided to join it.” Although we had other options, we found that Mercer Advisors was the best partner for us going forward. We loved that they offer in-house family office services including estate planning, tax return preparation, and corporate trustee services.”
David Barton, who led this transaction on behalf of Mercer Advisors, added: “Tim and David have built a tremendous business. They also have a talented next generation team with co-shareholders Jaron Carmichael and Corey Bird leading the way. What they lacked, however, was the requisite scale and leverage they wanted so they could spend more time doing the things they loved like serving clients and winning new ones. Like many business owners, wearing multiple hats drains your time and talent, and it prevents high quality professionals from maximizing their highest and best use. Joining Mercer Advisors solved that issue for them. In addition, RCA has a strong retirement plan service business we believe can augment and energize our two billion-dollar plus AUM ERISA business. This is a great fit for both parties, and I’m thrilled we were able to consummate this transaction in a COVID impacted world.”
Dave Welling, Chief Executive Officer of Mercer Advisors said, “I’ve known Tim and David for years and have great respect for the firm they have built and the service they provide to their clients. Tim, David, and their team bring 100+ years of deep industry knowledge and strong local and industry relationships to Mercer Advisors that will bolster our already strong presence in the Southwest. RCA will be combining with our existing local office in Scottsdale, Arizona, and contribute to our strong growth in Arizona. We are excited to join forces with the RCA team and look forward to serving their clients with expanded wealth management services for years to come.”
About Mercer Advisors
Established in 1985, Mercer Global Advisors Inc. (“Mercer Advisors”) is a full service wealth management firm that specializes in providing investment advice, financial and estate planning, and taxes, and corporate trustee and trust administration services. It is one of the largest Registered Investment Advisers and financial planning firms in the U.S. with over $26 billion in client assets. Headquartered in Denver, Mercer Advisors is privately held, has over 500 employees, and operates nationally across the country with 45+ locations. Mercer Advisors, Inc. is a parent company of Mercer Global Advisors Inc. (RIA), majority owned by both Oak Hill Capital and Genstar Capital. Mercer Global Advisors has a related insurance agency. Mercer Advisors Insurance Services, LLC (MAIS) is a wholly owned subsidiary of Mercer Advisors Inc. Employees of Mercer Global Advisors serve as officers of MAIS. For Mercer Global Advisors clients who wish to purchase insurance products, MAIS has entered into a non-exclusive referral agreement with Strategic Partner(s). More information about MAIS and our Strategic Partners may be found in our Form ADV 2A. Visit us at www.merceradvisors.com.
Data as of December 31, 2020. AUM includes affiliates and wholly owned subsidiaries announced to date.