Mercer Advisors, a national Registered Investment Advisor (RIA, has acquired Wealth Design Services, (WDS) a Rochester, NY-based RIA with approximately USD160 million of assets under management.
WDS Founder and President Steven Schwartz and his team will continue with the company and help expand Mercer’s footprint in New York state and the Northeast generally, building on the company’s existing presence in New York City.
Dave Welling, CEO of Mercer, says: “Steve has built Wealth Design Services into a firm with an excellent reputation for delivering personalised wealth management services to their clients. We are thrilled to add a strong presence in Rochester and to be adding a team with deep expertise in retirement, estate and tax planning to the Mercer family. WDS is a strong fit for us as we continue to broaden our “family wealth” service model and expand upon Mercer’s leadership in delivering high-quality, high-value wealth management services.”
Mercer Vice Chairman David Barton, who leads the company’s M&A activity, says: “It’s been a pleasure to work with Steven and his team over the last several months to complete this transaction. They are a great fit for us, increase our branch footprint in the greater New York area, and add talented planning and tax personnel. As we continue to drive aggressive growth, integrating highly attractive acquisitions like WDS into our portfolio is a key aspect of building our national, platform business. WDS is our seventh acquisition in 16 months and we continue to maintain a robust pipeline of potential investments that will further build stronger brand awareness across the country.”
Schwartz says: “As part of a larger organisation we are better positioned to serve our existing clients with a broader range of products and services. In addition, our team looks forward to helping Mercer provide highly personalised financial planning services and one-stop solutions to new clients across the Northeast.”
This transaction increases Mercer’s assets under management to USD10.6 billion, with 7,600 clients nationwide.