Merit Financial Advisors Acquires $502M Towson Wealth Management

Merit Financial Advisors has acquired a Maryland-based wealth management firm, which manages about $503 million in assets, and expands Merit’s presence in the Mid-Atlantic region. 

Towson Wealth Management oversees roughly $502.5 million in total client assets, including $297.5 million in assets under management and $205 million in assets under administration, through the firm’s affiliation with broker-dealer Purshe Kaplan Sterling Investments. 

Towson, MD-based Towson Wealth Management, established in 2014, is led by CEO and founder Kurt Wiegert and provides financial planning services to about 350 client households. 

The team includes wealth managers Noah Gonzalez and Ryan Silk and is supported by client service manager Shannon Michael, per the firm’s page on Merit’s website. 

As part of the transition, Wiegert has joined Merit as a partner and wealth manager, Merit Financial said. 

“I could spend more of my time building out the infrastructure necessary to scale the firm, or we could find the right partner with the technology, marketing, operational resources and leadership already in place, Wiegert said. “I wanted our team to be able to focus on what we do best, serving clients while also creating the opportunity to significantly grow the business.” 

Towson Wealth Management has also rebranded to Merit Financial Advisors, and all employees have transitioned to Merit, the RIA said. 

The financial and legal terms of the transaction, which closed on July 17, were not disclosed. 

Recently, Merit acquired Billings, MT-based Strategic Retirement Plans, which manages about $586 million in assets under management. 

Atlanta-based Merit Financial Advisors manages approximately $26 billion in total assets, including $18.63 billion in advisory assets and $2.89 billion in brokerage assets, under advisement across 55 offices as of March 31, according to the firm. 

Wealth Partners Capital Group, a financial services firm, and equity firm HGGC formerly held a minority stake in Merit since December 2020.