Mercer Global Advisors today announced the acquisition of Goldstein Munger + Associates, a San Ramon, Cali.-based firm serving ultra high net worth clients with approximately $1 billion in assets under management.
Richard Goldstein founded R. M. Goldstein Accountancy Corporation in 1979, from which GoldsteinEnright Financial Advisers was created. The firm rebranded as Goldstein Munger after Robert Munger joined and became partner in 1998.
“Our clients are accustomed to a high level of care with near constant contact and support. Our support and care of our clients is plenary,” Goldstein said in a statement. “As Bob and I contemplated the future of our firm, we concluded that we needed to partner with a firm that had the services and professional staff necessary to provide best-in-class service to UHNW clientele, but also be a fully institutionalized business that survives the lifetimes of our clients, their children, their great grandchildren, and generations to come.”
According to Munger, the partners were connected with Mercer through DeVoe & Company, an investment banking firm focused on mergers and acquisitions in the RIA space; DeVoe represented Goldstein Munger through the transaction.
“We loved what Dave [Barton] had to say, and we immediately saw the commonality of our business models with family offices, and the same mission, vision and values around serving our clients with excellence, as well as a dedication to the success and development of our staff,” he said. ”Also adding ‘in-house’ core family office services like estate planning, tax specialization and tax return preparation as well as offering turnkey corporate trustee services UHNW families rely on was important to us. The ‘fit’ was perfect.”
“Rich and Bob have built a ‘blue-chip’ family office creating deep and long-lasting relationships with their clients,” said David Barton, who led the acquisition on behalf of Mercer Advisors. “We are delighted Bob, Rich and their staff are joining the Mercer Advisors team.”
“Goldstein Munger’s focus on providing intergenerational wealth planning to ultra-high net worth families in the San Francisco Bay Area is a great complement to Mercer’s comprehensive platform and family office model,” said DeVoe CEO David DeVoe. “Goldstein Munger’s clients will continue to receive the excellent client service that Rich, Bob and their team have always delivered, while benefiting from the broader capabilities and services of a significant wealth management enterprise."
Founded in 1985, the Denver-based Mercer Global Advisors 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.
Founded in 1985, Denver-based Mercer has now added 68 firms since its inception. Majority investments by private equity firms Oak Hill Capital and Genstar Capital allowed the RIA to significantly ramp up mergers and acquisitions activity in recent years and Mercer added 13 new firms with a total of $5.2 billion AUM in the first three quarters of 2022. With two more scheduled to close by the end of the month, it is among the fastest growing RIAs in the nation, claiming more than $38 billion in client assets.