Mercer Global Advisors, one of the largest RIAs in the country with $39 billion in client assets, has acquired Benemark, a wealth management firm that serves high-net-worth individuals, families and corporate clients, Mercer Advisors announced today.
The acquisition is the fourth by Mercer, which has signaled it will continue to pursue an aggressive growth strategy.
Westport, Conn.-based Benemark serves about 70 clients with assets under management of about $230 million. Benemark was founded by Robert A. Medvey, partner and CEO, and Gregg G. Padilla, partner and CFO, in 1995, both of whom will stay with Benemark under the new ownership.
Benemark provides financial planning and portfolio management. The acquisition is part of succession planning for Benemark, Medvey said in a statement.
“As part of serving our clients with excellence, it’s incumbent on us as fiduciaries to make sure their financial needs are met today and into the future,” Padilla said in a statement. “We wanted to maximize our client-facing time and minimize time spent on back-office operations.”
The Benemark acquisition is only the latest in what should be an active year for Mercer Global Advisors, David Barton, vice chairman at Mercer, said in an interview. “We will remain pretty aggressive. There were 12 acquisitions last year and 13 the year before and we are on track for about the same number this year," he said. "Four more will be announced in the next couple of months.”
Mercer is in a major growth mode both organically and through acquisitions. “We have so many new clients, we need to acquire the talent to serve them. Clients want more than just investment services,” Barton said. “We want to expand on both coasts. The industry is still experiencing rapid consolidation.”
Dave Welling, CEO of Mercer Advisors, added in a statement, “Robert and Gregg have built a great business and strong team and they are highly respected wealth management professionals. We are thrilled to be expanding our presence in Connecticut and look forward to working together to deliver meaningful results for our shared clients.”
The acquisition continues a buying trend already established for 2022. Mercer Global Advisors started the year acquiring three wealth management firms with a combined $1.4 billion in assets under management. Added to Mercer’s ranks were Cordasco Financial Network in Naples, Fla., HawsGoodwin Investment Management in Franklin, Tenn., and Wrenn Financial Strategies in Raleigh, N.C., all of which offer comprehensive financial planning and portfolio management to high-net-worth individuals, families and corporate clientele.