Purchase of Spokane-based Hart Capital Management by Mercer Global Advisors in December was the RIA rollup’s fifth closing that month.
Mercer Advisors adds $910-million Colorado firm to bring its AUM to $20 billion, while $3.5 billion-asset Formula Folio combines with $3-billion Brookstone Capital Management to offer broader asset management services to retirement advisors.
Creative Planning snags $530 million-asset firm near Detroit, and Mercer Advisors picks up $330 million-asset planning firm in Beverly Hills.
$45 billion-asset Kansas-based Creative buys Wisconsin’s Hogan Financial while $17.5 billion-asset Denver-based Mercer Advisors picks up Adam Financial in Florida.
$45 billion-asset, Kansas-based Creative makes third acquisition of year while $17-billion, Denver rollup Mercer announces its seventh.
Oak Hill Partners will recapitalize fast-growing firm, showing that the financial planning sector remains a red-hot investment area for “smart money” investors.
Rollup firm, whose private equity owner is believed to be in merger negotiations, sued an advisor last week who joined a rival RIA group.
Michigan woman, 63, asserts that she was railroaded over e-mails sent to Schwab’s RIA clients about company policies.