Mercer Global Advisors has picked up another registered investment advisor, this time acquiring Summit Wealth Advisors, a wealth management firm in Frisco, Colo. with $130 million in client assets. This marks Mercer’s fourth RIA deal since the beginning of July, bringing its total client assets to over $20 billion and Colorado-based assets to $2 billion.
Summit Wealth Advisors was founded by Robert Fred Lau in 1993, and the firm specializes in providing holistic financial planning for individuals and small businesses. Summit shareholder and Client Advisor Emily Ann Messegee also joins Mercer, along with the Summit team.
“Bob and Emily were looking to partner with a firm that could take over costly and time-consuming back-office responsibilities—time they could not spend with their clients or spend winning new ones,” said David Barton, Mercer Advisors’ vice chairman who leads mergers and acquisitions, in a statement. “Also, they found a winning combination with the ability to provide additional services to their clients through Mercer Advisors' in-house estate planning attorneys and tax return preparation services."
FP Transitions represented Summit Wealth Advisors in the transaction.