A Connecticut-based RIA with about $412 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 about 300 clients.
The duo was looking for a partner who would help them extend the “white-glove” experience they offer clients. They believed that Mecer offered the best chance 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 into Mercer and was pleased that the acquisition would bolster the firm’s “growing presence” in Connecticut and the Northeast region.
According to the Mercer Advisors site, the firm also has Connecticut offices in Westport, Woodbridge and West Hartford, as well as several other Northeast 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 broke into the private markets in July with the launch of its Aspen Partners platform, a proprietary platform to deliver institutional-grade access with curated options to qualified individual investors (with investment minimums of $100,000).
The firm built the platform along with private market fintech Opto Investments and wants to work with top private equity, venture capital, private credit, real estate and infrastructure managers to “build institutional-grade portfolios for our clients, without adding exorbitant fees or expense ratios,” according to Mercer Advisors President Daniel Gourvitch.
Mercer has been an active acquirer in the industry for the past several years, having grown its assets by 300% since 2017. 2022 was its most active year on record (with 20 deals totaling about $13 billion in transacted assets). Earlier this year, the firm acquired MDK Private Wealth Management, a $2.5 billion Seattle-based firm, to boost its Northwest presence.
In February, the firm added five new executives to its M&A partner development and integration teams to boost its inorganic growth strategies, including Andy Burgess, a former regional director of business development at NewEdge Advisors, who joined Mercer’s M&A partner development team as a vice president.
In May, the firm promoted Martine Lellis from chief talent officer to principal of M&A partner development to help handle the growing number of RIA acquisition targets. She reports to Dave Barton, who stepped down as Mercer CEO in 2017 to specifically focus on M&A in a vice chairman role.
Mercer also hired Gün Keresteci as its chief financial officer earlier this year. He previously worked as global head of finance at McKinsey & Company.
