Merit Financial Advisors announced today it has acquired Triad Financial Strategies, adding two new offices and establishing the Atlanta-based firm's presence in the larger Seattle region. The deal also brings approximately $683 million in assets under management to the growing, Georgia-based hybrid registered investment advisor platform.
Founded in 2010 by Tait Lane, Triad has offices in Issaquah and Tacoma, Wash., specializing in financial planning and wealth management. Lane will assume a new role at Merit as regional director and will be joined by his team of advisors and associates.
"Having completed a number of successful acquisitions over the past few years, I know how important it is to find the right cultural fit,” said Lane in a statement. “Merit's resources and expertise will provide our team with the critical support we need to continue our growth and better serve our clients."
This is Merit's eleventh acquisition since taking a minority investment in December 2020 from Wealth Partners Capital Group and a group of strategic investors led by middle market investment firm HGGC. The RIA “integrator” also recently completed a two-year transition to a new technology stack with a price tag in excess of $4 million. Developed with the help of F2 Strategy, a wealthtech consulting firm and outsourced CTO provider, the new platform brings all data in-house, allowing the firm to produce its own customized statements and reporting, rather than relying on one of its multiple custodians.
Earlier this year, Merit added a new retirement plan division and CEO Rick Kent said there are also plans to roll out a tax division this year and begin building out a CPA referral business within the next year.
"This partnership not only adds an important geography to our growing footprint, but an incredible amount of talent," Merit President Kay Lynn Mayhue of the latest acquisiton. “Tait Lane has built an impressive business and team, and we are excited to provide them with the necessary tools to further propel their growth."
The merger was finalized on September 30, 2022. Terms were not disclosed.