Mercer Snaps up $800 Million-Plus RIA in Oregon

Mercer Global Advisors’s aggressive acquisition streak continues as it said it purchased its third $800 million-plus asset firm as part of a round of year-end dealmaking.

The Denver-based aggregator’s latest buy is McGee Wealth Management, a 15-person registered investment advisory firm based in Portland, Oregon. The Portland firm, which was founded by Judith A. McGee and is led by an all-woman team, serves 800 clients with $815 million in client assets, according to an announcement on Monday from Mercer.

McGee Wealth Management had previously been an independent practice affiliated with Raymond James Financial Services, according to its website. The sale, which closed December 31, was part of a succession planning move, McGee said in a statement.

“[I]n looking for a partner to discuss possible succession planning, finding one that shared our mission, vision and values was most important,” said McGee, who started her career at Anchor National Financial Services in 1979, according to BrokerCheck.

McGee, who also advertises she was one of the first women to be a Certified Financial Planner in the western U.S., had been a top advisor at RJFS and on its Chairman’s Council since 1992, according to her firm website.

Her and her colleagues’ brokerage registrations lapsed with Raymond James on December 31, according to BrokerCheck. A spokesperson for Raymond James did not immediately return a request for comment.

Mercer’s announcement came after it last week said it had acquired two similarly-sized Georgia-based RIAs: Atlanta Financial Associates and Kays Financial Advisory Corporation. The owners at the two firms also opted to sell as part of a succession planning arrangement, they said in prepared statements.

The deal for Atlanta Financial closed December 31, while the Kays acquisition was finalized November 30, according to their announcements.

AFA, which is led by Julianne Andrews and Cathy Miller who founded the firm in 1992, served around 570 clients with assets of $815 million, according to the announcement.

“When it came time for us to discuss our own succession plan and business continuity strategy, we wanted to make sure our clients continued to receive the highest quality of care,” Andrews said.

Andrews had been registered as an independent broker for 31 years before her Financial Industry Regulatory Authority registration lapsed in 2019, according to BrokerCheck. Miller remains registered as an independent broker with Purshe Kaplan Sterling Investments, an independent broker that caters to RIAs.

Kays, founded by Scott Kays in 1985, serves approximately 700 clients with over $800 million assets. Scott Kays had been registered only as an RIA with Kays Financial Advisory Corp. for 17 years before joining Mercer, according to SEC records.