Mercer Acquires $1B, 22-Person Team with Tax Skills

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Mercer Global Advisors, a Denver-based registered concern advisor with astir $90 cardinal successful lawsuit assets, has acquired Glass Jacobson Wealth Advisors, an Owings Mills, Md.-based wealthiness absorption steadfast with astir $1 cardinal successful assets nether management. 

The acquisition strengthens Mercer Advisors’ beingness successful the Baltimore and Washington D.C. portion with the summation of a 22-person squad managing much than 660 wealthiness clients. Mercer had acquired Hunt Valley, Md.-based RIA Tufton Capital Management earlier this twelvemonth arsenic it cleared 100 acquisitions since 2016.

Glass Jacobson was founded successful 1962 arsenic an accounting and taxation firm, and it added wealthiness absorption services successful 2001. That specialisation was a gully for Mercer, arsenic was Glass Jacobson’s seat of wealthiness managers, which included second-generation advisors, said Ted Motheral, main and M&A spouse for Mercer.

“It’s a cleanable woody for us,” Motheral said. “You person a fiduciary, fiscal squad rooted successful fiscal readying with truly blase taxation practices arsenic good a large young Gen 2 on with truly beardown principals astatine the apical that person had distinguished careers.” 

The Baltimore-area RIA archetypal came onto Mercer’s radar erstwhile squad members met Glass Jacobson President and CEO John Dinkins astatine a conference, Motheral said. Glass Jacobson yet hired concern slope MarshBerry, which is owned by Lincoln International, to spot done the transaction.

Dinkins joined Glass Jacobson successful 2002 from Ernst & Young and holds a number involvement on with 5 different members of the enactment team, according to information from ISS Market Intelligence. The steadfast had steadily grown AUM from astir $477 cardinal successful 2020 to $1 billion, and custodies mostly with Charles Schwab, with immoderate lawsuit assets held with Fidelity Investments’ NFS, besides according to ISS.

“Mercer Advisors shares our values, our fiduciary commitment, and our passionateness for empowering clients and our team,” Dinkins said successful a statement.

Through the deal, Glass Jacobson partners are offered, with their closing payment, an predetermination to instrumentality Mercer equity arsenic portion of their share. Second-generation advisors who are not partners volition person incentives, including inclusion successful a bonus excavation and a nett involvement pool.

“We deliberation it’s truly important successful our partnerships to not lone reward the principals for their ownership and growth, but besides to reward the Gen 2 that volition proceed increasing the steadfast with immoderate benignant of equity,” Motheral said.