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Deals & People September 3, 2024
Mercer Global Advisors Announces Acquisition of Benchmark Wealth Management
The Mercer adviser team adds to its footprint in the Northeast with the high-net-worth specialist.
Reported by Natalie Lin
Mercer Global Advisors Inc., a registered investment adviser, announced the acquisition of Benchmark Wealth Management LLC, expanding Mercer Advisors’ presence in the Northeast.
“With both firms anchoring on financial planning and client experience, it was easy to see that the Benchmark team would fit right in and integrate smoothly,” Dave Welling, CEO of Mercer Advisors, said in statement. “We are thrilled they are joining the Mercer Advisors team and bolstering our growing presence in Connecticut and the Northeast area.”
Located in Old Lyme, Connecticut, Benchmark provides financial planning and wealth management for high-net-worth professionals and retirees. Principals Richard Stout III and Thomas Britt merged their separate practices in 2007 to form Benchmark.
“We have spent nearly two decades building a client experience that is focused on building depth and trust in our client relationships,” Stout said in a statement. “Once we got to know the team at Mercer Advisors, we became confident that our clients would continue to receive top-notch care and that we would have opportunities to further deepen these relationships by adding services such as estate planning, tax guidance, and more.”
Benchmark serves more than 300 clients, primarily of the high-net-worth variety, representing approximately $412 million in assets under advisement. David Barton, vice chairman and Mercer’s mergers and acquisitions leader, led the acquisition.
“Rick and Tom are highly experienced planners with sophistication in managing larger clients,” Barton said in a statement. “In addition to a like-minded service model, Mercer Advisors gains additional expertise in serving high-net-worth clients and more coverage in an important market for us.”
Benchmark is Mercer Advisor’s 86th acquisition since 2016 and fourth in 2024. This year’s acquisitions include Transitions Wealth Management LLC, River Glen Wealth Counselors, and MDK Private Wealth Management LLC in March.