Advisory M&A News – 12/9/24

Mariner Completes Acquisitions of Atlas Financial and Newport Advisory

Mariner LLC, a leading national financial services firm, announced it has acquired Sarasota, Florida-based Atlas Financial Advisory Group Inc. and Newport Beach, Calif.-based Newport Advisory LLC in a pair of deals that will bring the firm a combined total of approximately $878 million assets under management.

The acquisitions of Atlas Financial and Newport Advisory grow Mariner’s national footprint to 126 offices nationwide and establish the firm’s second offices in both Sarasota and Newport Beach. Mariner stated it plans grow to 5,000 advisers by 2027.

“As we welcome Atlas Financial and Newport Advisory to the Mariner family, we’re reinforcing our commitment to meeting clients where they are, both geographically and in their unique financial journeys,” Marty Bicknell, Mariner’s CEO and president, said in a statement. “These firms bring a wealth of expertise and a client-first ethos that perfectly align with our values. Their addition strengthens our capabilities while underscoring our belief that true growth comes from building strong, meaningful relationships—both with our clients and within our team.”

Alera Group Acquires Spike Risk Management

Alera Group Inc., an insurance and financial services firm, announced that employee benefits insurance firm Spire Risk Management LLC, joined Alera Group effective December 1.

The partnership is intended to strengthen Alera Group’s employee benefits offerings in the South-Central region. Established in 1986, Spire Risk Management provides consulting, compliance and administrative services of employee benefit programs.

“We’re thrilled to welcome Spire Risk Management to the Alera Group team,” Alan Levitz, CEO of Alera Group, said in a statement “Alera Group continuously strives to deliver additional national and regional resources so we can provide even greater value and service to our clients.”

Members of the Spire Risk Management team will continue serving clients in their existing roles.

Mercer Advisors Welcomes All-Woman Advisory Team Frango Financial

Mercer Global Advisors Inc. announced the acquisition of Frango Financial LLC, a registered investment adviser delivering financial planning services primarily in Washington, D.C., Virginia, Maryland and South Carolina.

Managing approximately $110 million in client assets and founded in 2011, the firm offers investment management, retirement planning, insurance and risk management, education funding, cash flow management, and tax and estate planning services.

Frango consists of the two-person team of Frances Goldman, president and founder, and Pamela Postma Khinda, an adviser. The team partnered with Mercer Advisors to sustain and expand its premium client service.

“Our commitment is to deliver value that exceeds our fee, and it was important for us to identify a partner with whom we had strong cultural and fiduciary alignment,” Goldman said in a statement. “We are excited to join forces with Mercer Advisors and leverage their expanded resources to help us further secure our clients’ financial futures.”

Carmichael Hill & Associates Joins MAI Capital Management

MAI Capital Management LLC, a registered investment adviser specializing in investment and financial planning for high-net-worth individuals and families, announced the acquisition of Carmichael Hill & Associates Inc.

Headquartered in Gaithersburg, Maryland, Carmichael Hill has offered retirement planning and financial services since its founding in 1989. Principal Jim Stewart, became the sole owner of the firm in 2013. The firm offers retirement, tax and estate planning, specializing in advising individuals over the age of 50, as well as small businesses. The firm had $350 million in client assets under management as of September 30.

“The addition of the Carmichael Hill team marks another step forward in our mission to deliver high quality service and solutions for clients,” James McDermott, an MAI market leader and regional president, said in a statement.

Carmichael Hill will adopt MAI’s brand identity and receive its internal infrastructure, including HR, operations and marketing resources. As part of MAI, Stewart will take on the title of senior wealth adviser and team leader.