A Connecticut-based RIA with about $412 million in assets under advisement is joining Mercer Advisors, expanding Mercer's presence in the Northeast.
Benchmark Wealth Management is based in Old Lyme, Conn., and was formed in 2007 through the combination of the dual practices of founders/advisors Richard Stout and Thomas Britt. Benchmark specializes in financial planning for high net worth individuals and retirees with a book of business of approximately 300 clients.
The duo was looking for a partner that would help them expand the “white glove” experience they provide to customers. They believed that Mecer offered the best opportunity to add services such as estate planning and tax guidance. DeVoe & Company represented Benchmark during the acquisition.
Mercer CEO Dave Welling said it was “easy” to see that the Benchmark team would fit with Mercer and was pleased the acquisition would strengthen the firm's “growing presence” in Connecticut and the Northeast region.
According to the Mercer Advisors website, the firm also has Connecticut offices in Westport, Woodbridge and West Hartford, as well as several other northeastern locations in New York, New Jersey, Pennsylvania and Massachusetts, among other areas.
Denver-based Mercer was founded in 1985 and is majority owned by private equity firms Oak Hill Capital, Genstar Capital and Atlas Partners. It has approximately 1,150 employees, $63 billion in client assets and operates nationwide through over 90 office locations.
Mercer entered the private markets in July with launching its Aspen Partners platforma proprietary platform to provide institutional-grade access to curated options for qualified individual investors (with a minimum investment of $100,000).
The firm built the platform alongside private fintech marketplace Opto Investments and wants to work with leading private equity, venture capital, private credit, real estate and infrastructure managers to “build institutional-grade portfolios for our clients, without adding excessive fees.” or expense reports,” according to Mercer Advisors president Daniel Gourvitch.
Mercer has been an active buyer in the industry over the past few years, growing its assets by 300% since 2017. 2022 was its most active year on record (with 20 deals totaling nearly $13 billion in transacted assets). Earlier this year, the firm won MDK Private Wealth Managementa $2.5 billion firm based in Seattle, to increase its presence in the Northwest.
in February, the firm added five new executives to its M&A partner development and integration teams to drive its inorganic growth strategies, including Andy Burgess, a former regional director of business development at NewEdge Advisors, who has joined the M&A partner development team of Mercer as vice president.
In May, the firm promoted Martine Lellis from chief talent officer to director of M&A partner development to help handle the growing number of RIA acquisition targets. She reports to Dave Barton, who stepped down as CEO of Mercer in 2017 to focus specifically on M&A in a vice chairman role.
Mercer too hired Gün Keresteci as its financial director at the beginning of this year. He previously worked as global head of finance at McKinsey & Company.