Mercer Advisors Inc., a registered investment advisor backed by private equity firm Genstar Capital, has acquired Beacon Wealth Management, a boutique wealth management firm with $230 million of assets under management. The transaction increases Mercer’s AUM to more than $13 billion.
Beacon Wealth, which has offices in Hackensack, New Jersey and Palm Beach, Florida, was founded in 2002 by CEO Mark Germain and provides comprehensive financial planning and investment management services to its 170 clients and households. Germain and his six staff members will join Mercer.
“This acquisition further solidifies our presence in the Northeast,” said Mercer CEO Dave Welling. “Beacon Wealth Management’s Hackensack office will add another beachhead for clients along with our two offices in New York City, Princeton New Jersey, and two offices in Connecticut.”
“We are also excited to expand our presence in Florida which will join our growing presence in the Southeast alongside our Atlanta and Clearwater Florida offices,” he added.
Financial terms of the transaction were not disclosed.
Established in 1985, Mercer Advisors is a wealth management firm that provides comprehensive, fee-only investment management, financial planning, family office services, retirement benefits and distribution planning, estate and tax planning, asset protection expertise, and corporate trustee and trust administration services.
Headquartered in Denver, the private firm has more than 300 employees and operates nationally through over 30 branch offices across the country. Genstar Capital, a private equity firm based in San Francisco, acquired a majority stake in Mercer in 2015.