The latest deals and transactions in and around North American wealth management.

Mercer Global Advisors
This week, Mercer Global Advisors a national Registered Investment Adviser, has acquired The Asset Advisory Group, a wealth management firm located in Cincinnati, Ohio.

It serves around 160 clients with assets under management of approximately $370 million, the firm said in a statement.
 
Jeannette A Jones, CPA, CFPÂź, founded the company in 1988. She and her partner David E Workman, president, MBA, CFPÂź said they have been helping their clients achieve financial freedom through comprehensive wealth management and financial planning. 
 
Jones said: “Our clients are like family to us, and as fiduciaries we put their interests above our own. It is therefore incumbent on us to develop a succession strategy to make sure our clients continue to receive the highest professional care long after we are no longer with the business.” 

“While we have no intention of retiring anytime soon, the need to have a succession plan was clear and present and, after meeting with several firms, we realized implementing a succession plan now would allow us to focus on what we love doing, serving our clients, as well as offering new services to our clients through our new partnership with Mercer Advisors,” she added. 

Workman said: “We also loved that they have in-house estate planning, in-house tax return preparation, and provide turnkey corporate trustee services including bill pay. The ‘fit’ between our two firms was perfect, and we could not be more excited to join the Mercer Advisors’ team.”
 
Barton, who led the acquisition on behalf of Mercer Advisors stated: “This is exactly the business model we have built on top of our family office chassis.”
 
TAAG was exclusively represented by Park Sutton Advisors, a business advisor and investment banker in the RIA space.
 
Based in Denver, Mercer Global Advisors is a total wealth management firm, majority owned by both Oak Hill Capital and Genstar Capital, with over $38 billion in client assets. 

Hightower
This week Hightower facilitated a merger for Fairport Wealth, a Hightower advisory business in Cleveland, Ohio. 

Optimal Portfolio, led by Yu Oen in Princeton, New Jersey, has $102 million in assets under management. It will join Fairport’s business of wealth management professionals, bringing its AUM to $3.4 billion, the firm said in a statement.
 
"Between his background as a successful business owner and experience in corporate finance, investment banking and private equity, Oen brings a unique skillset and perspective that will serve as a great benefit to our entire team,” Fairport wealth president Matt Logar said. 

“We are excited to expand into this key region and support him in further growing his business,” he added.
 
Oen specializes in serving executives and business owners, including a number of former Wall Street executives. The business will operate in New Jersey under the Fairport brand name.
 
“Hightower’s expertise in compliance and operations, coupled with offering a wide array of value-added services, including those for business owners, will enable me to better serve my clients as my practice continues to grow,” Oen said. 
 
This is Fairport Wealth’s fourth sub-acquisition in the last three years. In August, Fairport added a team led by Buffalo, New Jersey-based advisor Brian Geary. In 2021, Fairport added FMA Advisory of Harrisburg, Pennsylvania, and in 2019, Fairport added Leonetti & Associates, an existing Hightower advisory business located in Buffalo Grove, Illinois.
 
Hightower chairman and CEO Bob Oros added: “With an attractive client base, Optimal Portfolio aligns with Fairport and Hightower, both culturally and operationally.” 
 
In addition to inorganic support, Hightower said it offers its 131 advisory businesses in 34 states and the District of Columbia a range of services designed to catalyze and accelerate organic growth, including business development consulting, leadership and team development, talent acquisition, marketing support, technology, investment management resources, compliance, accounting, payroll and human resources. 
 
Based in Chicago, Hightower is a wealth management firm with assets under management of $108.4 billion.