M and A
Mercer Acquires Another Californian Wealth House
Mercer has acquired a number of wealth firms across the US in recent weeks and months, part of a wider M&A trend in the sector.
Mercer Global Advisors, the RIA, has acquired California-based Epstein & White Financial and its related entities, holding a total of about $740 million of client money. The deal adds to a raft of acquisitions by the Denver-based firm.
The acquired firm, based in San Diego, the has about 1,300 clients. It was founded in 2013 by Brad White, focusing on mass-affluent and high net worth clients. EWF has more than 20 team members who will be joining the Mercer Advisors’ team.
White, founder and CEO, is a certified financial planning professional. He has appeared locally on television stations, Fox News and CBS, and the Big Biz Radio Show with Dave Sully. In addition, he is the author of The Step-by-Step Guide on How to Retire Right and is a featured contributor in numerous Kiplinger articles.
“Brad is a `creative’, a marketing whiz kid who has built something truly unique. His marketing engine reliably produces new clients in volume through his proven techniques,” David Barton, vice chairman, who led this transaction for Mercer Advisors, said.
Park Sutton Advisors LLC served as exclusive financial advisor to Epstein & White Financial, LLC in this transaction with legal representation by Riezman Berger, P.C.
Mercer has made a number of acquisitions in recent weeks. In January this year, it bought Marrs Wealth Management, a firm in Ames, Iowa. Marrs serves about 275 clients with assets under management of approximately $215 million. It also recently bought Hart Capital Management, a firm based in the northwest and Idaho, overseeing about $440 million of client money. It has also acquired Pinnacle Wealth Solutions, a firm based in Midlothian, Virginia. Earlier in January it bought a woman-owned wealth management business – McGee Wealth Management, based in Portland, Oregon ($815 AuM). Also in January, it bought Atlanta Financial Associates, a firm overseeing about $815 million of client money.
