Tuesday marks the first day of the last quarter of the year, and several of the largest registered investment advisors took it as an opportunity to announce deals.
Mercer Global Advisors, the Denver-based RIA majority owned by Oak Hill Capital, Genstar Capital and Altas Partners, has acquired Kiely Wealth Advisory Group, a North Carolina-based RIA with $523 million in assets under management.
The firm is led by president, CEO and founder Dr. Joe Kiely. He’s joined by Dr. Scott Below, chief investment analyst; Katie Burr, chief compliance officer; Brownie Cordell, senior wealth advisor; and Kellie Kiely, office manager for the Asheville office.
Cambridge International Partners advised Kiely on the deal.
Beacon Pointe Adds $600M in AUM in Two Deals
Beacon Pointe Advisors, a Southern California-based RIA firm, penned a double deal representing $600 million in assets under management, bringing its AUM to just shy of $37 billion. The two firms represent Beacon Pointe’s third and fourth transactions of 2024.
On Sept. 30, the RIA closed on its acquisition of Bridge Advisory, a Pasadena and Newport Beach, Calif.-based firm with approximately $460 million in client assets. The firm is led by Dave Penniall and Vanessa Burnett, who join as partners. Hue Partners advised Bridge Advisory on the deal.
Beacon Pointe’s deal with Charleston Investment Advisors, a Mt. Pleasant, S.C.-based firm with $140 million in client assets, is expected to close in the fourth quarter. Stephanie W. Mackara founded the firm and will join Beacon Pointe as a partner.
Savant Adds Two Firms, $300M in AUM
Savant Wealth Management, the Rockford, Ill.-based RIA with approximately $28.7 billion in total assets, closed on two deals, adding nearly $308 million in assets.
The RIA added its first California firm with Kemp Financial Management, a Fullerton, Calif.-based RIA with $255.2 million in client assets. The firm was founded in 1988 by CEO Robert Kemp, who joins as a member-owner. He’s accompanied by four employees.
Savant has also acquired BDK Financial, a Brighton, Mich.-based RIA, with approximately $52.4 million in AUM. The firm will tuck into Savant’s existing Plymouth, Mich. office, and its owner Donald Wylin will join as a member-owner.
Kemp and BDK represent Savant’s second and third deals in 2024, bringing the RIA to 42 offices in 17 states.
“After 11 transactions in 2023, we have been focused on integration for the first half of this year, but are ramping up to continue our inorganic growth in the second half of 2024,” said Brent Brodeski, founder and CEO of Savant, in a statement.
Credent Acquires $450M Cincinnati RIA
In other RIA deal news, Credent Wealth Management, a $3.2 billion registered investment advisor headquartered in Indiana, has announced its first deal since raising more than $50 million in debt capital from Crestline Investors in July.
Credent has acquired Clarify Wealth Management, an RIA headquartered in Cincinnati with about $450 million in client assets. Clarify, which also has locations in Columbus, Ohio and Lafayette, Ind., expands Credent’s geographical reach and represents its 13th deal in the last six years.
The acquisition provides a succession plan for Clarify’s three founding partners: CEO James Brandenburgh, CFO Aubrey Ramey and CIO Brad Clark. Clarify’s younger advisors will join Credent as partners according to an announcement.
In July, Credent said it raised more than $50 million in capital from Crestline Investors, an alternative investment manager, through debt financing. The firm chose Crestline because of its private credit structure.
The investment will help fund additional M&A. It also allows the firm to alter its current ownership structure from a heavy equity swap/lower cash option to a higher cash/lower equity swap opportunity.
