Mercer buys $240m Colorado RIA

The aggregator has purchased Confluence Financial Advisors in Boulder.

RIA aggregator Mercer Advisors has made its third deal of 2019.

The firm said on Thursday that it had purchased Confluence Financial Advisors, a RIA in Boulder, Colo. managing around $240 million. Mercer said that it would fold in Confluence’s four advisors and three support employees into its existing office in Boulder.

The Confluence acquisition takes Mercer's assets under management to over $15 billion, the firm said. Financial terms were not disclosed.

Confluence Financial Advisors was founded in 2015 and is helmed by founding partners David Gardner and Judy McNary.

‘Confluence and Mercer Advisors are a perfect cultural fit, we share the same values, we’ve both anchored our businesses on delivering robust financial planning to our clients, and we believe the only interests to consider are the best interests of the client,’ Mercer Advisors vice chairman and head of M&A Dave Barton said in a statement. ‘This is the bedrock for a successful combination.'

Mercer has been stepping up its presence in the Rocky Mountains recently. In February 2018, the firm opened a new headquarters in Denver.

Mercer has made a deal in every month of 2019 so far. In February, the firm bought $350 million Arbor Asset Management in Ann Arbor, Mich. and in January it purchased $110 million Dragon Financial in San Mateo, Calif.

The firm bought nine RIAs in 2018.

- City Wire


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