Mercer Global Advisors, a national registered investment advisor, today announced the acquisition of wealth management firm Berkson Asset Management and its accompanying tax management business.
Headquartered in Woodland Hills, Calif., Berkson operates a wealth management, tax and accounting firm. The wealth management company serves about 100 clients with about $185 million in assets under management. The firm was founded in 1995 by Steven Berkson. Berkson’s team will join Mercer and will operate under the Mercer brand.
Berkson said his firm saw a need to scale his practice and looked for a partner with similar values.
“Mercer Advisors was definitely the best fit for us,” he said in a statement, “and the fact we could offload onerous back-office services and add new services like in-house estate planning, and corporate trustee was a huge plus.”
“Steven and his team have built a great business, a formidable team and they are a highly respected group of wealth management professionals that share our commitment to integrating financial planning with tax planning and preparation,” said Mercer CEO Dave Welling. “We are thrilled to be opening a new location in Woodland Hills, Calif., and look forward to working together to help deliver meaningful results for our shared clients.”
Established in 1985, Mercer provides fee-based investment management, financial planning, family office services, retirement benefits and distribution planning, estate and tax planning, insurance solutions, and corporate trustee and trust administration services. Majority-owned by both Oak Hill Capital and Genstar Capital and a subsidiary of Mercer Advisors Inc., Mercer Global is among the largest RIAs in the nation, with more than $34 billion in AUM across 25 states, per its latest Form ADV filing.
Headquartered in Denver, Mercer Advisors is privately held, has more than 670 employees and operates through more than 60 offices across the country.