Mercer Global Advisors Inc, which is backed by Oak Hill Capital and Genstar Capital, has acquired Pinnacle Wealth Solutions Inc, a wealth management firm located in Midlothian, Virginia. No financial terms were disclosed.
DENVER, January 19, 2021 – Mercer Global Advisors, Inc. (“Mercer Advisors”), a national Registered Investment Adviser (“RIA”), today announced the acquisition of Pinnacle Wealth Solutions, Inc. (“Pinnacle”), a respected wealth management firm located in Midlothian, Virginia. Pinnacle serves approximately 250 clients with assets under management (“AUM”) of approximately $365 million. Pinnacle was founded in 1985 by G. Carl Mahler, Jr., CFP® (“Carl”) focusing on delivering comprehensive wealth management services to their high net worth (HNW) clients. Pinnacle has two shareholders – Carl and Jill A Jeter, CFP® (“Jill”). In all, five Pinnacle team members will be joining the Mercer Advisors’ team. The Pinnacle transaction closed December 31, 2020.
Pinnacle Wealth Solutions (previously The Pinnacle Group) has been committed to one mission: empowering their clients and families to live every day to the fullest while helping them to achieve their dreams of tomorrow. Whether advising on everyday spending, retirement planning, investments, insurance, college savings or any other financial need, their passion is to provide the exemplary care to achieve financial freedom.
Commenting on the transaction, Carl Mahler, Founder, stated: “I’ve very much enjoyed building our business with my partner Jill. Our dedicated team of professionals serves our clients at the highest level and I am very proud of that. In reviewing our succession plan and evolving wealth management industry it became clear to us that we needed to partner with a strong national firm that would not only assist with the provisioning of middle and back office responsibilities, but also help us grow while sharing our commitment of putting our clients’ needs first. I was referred by a colleague to David Barton, Vice Chairman at Mercer Advisors who leads their mergers and acquisitions activities. Dave explained what our transition options were, what those paths looked like, and how we could work together to implement a successful outcome. I was impressed with the depth and breadth of Mercer Advisors’ offerings and how we could leverage their scale and national platform business. Mercer Advisors is a great fit for us and our clients, we couldn’t be more excited.”
Co-shareholder Jill Jeter added, “I’ve worked closely with Dave Barton and the Mercer Advisors’ team over the last six months. We’ve successfully solved complex transition issues as we maneuvered system and platform matters inside Raymond James, our committed partner and custodian, in completing our integration with Mercer Advisors on Raymond James’ Independent Advisor Division. Our combination is not only great for our clients, but also for our staff by providing them new career development opportunities.”
David Barton who led this transaction on behalf of Mercer Advisors added: “Carl and Jill have built a great business and successfully operated on Raymond James Independent Contractor Division offering the full range of wealth management services including brokerage and insurance business. This is the fourth hybrid business we have acquired, and these transactions add complexity beyond those normally associated with a pure RIA. Not wishing to disturb their client relationships and seeking to maintain their service lines, we created a transition plan to accommodate all these different needs. We worked very closely with Carl, Jill, and the Raymond James transition team to navigate the complex operational activities necessary to migrate Pinnacle’s business to our RIA platform without interrupting their business or customer relationships. It was a great team effort, and we are thrilled to be working with Carl, Jill and Pinnacle’s staff.”
Dave Welling, Chief Executive Officer of Mercer Advisors said, “Carl and Jill are well respected and known in Virginia. We share their commitment to serving clients at the highest level and our cultural alignment was apparent. Pinnacle adds to our existing presence in Virginia and the Mid-Atlantic region which is one of our fastest growing markets, and we look forward to serving their clientele for years to come with our enhanced family office business services.”
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 approximately 510 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.