Deals Of The Day – The Latest In Wealth Management M&A – Mercer, LPL Financial

Editorial Staff

6 December 2018

Mercer, the consultancy, has completed its purchase of the investment consulting, alternatives consulting and wealth management operations of Pavilion Financial Corporation.

On August 14, Mercer said that it had signed separate, definitive agreements to acquire Pavilion’s operations as Summit Strategies Group. The Summit deal was concluded in November.

“Pavilion’s strength in the healthcare, insurance and endowment and foundation segments, coupled with Mercer’s global intellectual capital, will support the delivery of customized, holistic solutions to our clients,” Rich Nuzum, president of Mercer’s global wealth business, said.

Daniel Friedman, the president and CEO of Pavilion Financial Corporation, added: “The Pavilion name will represent Mercer’s US not-for-profit and insurance offerings. Our alternatives platform will feature the customized consulting offering of a full-spectrum alternatives boutique, and the implementation and research capabilities of a truly global firm. Finally, wealth management clients will have expanded advice and access to tools and products, including Mercer’s retirement savings investment solutions.”

LPL Financial

A wealth management firm based in Catonsville, Maryland, has switched from Raymond James to join the broker-dealer and corporate registered investment advisor platforms of LPL Financial, the firm embracing new firms to its system on an almost daily basis.

The firm joining the platforms is Retirement & Investment Group, serving about $200 million of client brokerage and advisory assets. Its team includes president Tom Quirk CFP® CRPC® and a three-person support team. Quirk built his client base primarily through referrals over the last 24 years.