$20B Merit Financial Advisors Marks 50th Acquisition with Obsidian Planning Solutions
Merit Financial Advisors, one of the most active acquirers in the independent wealth management space, has acquired Obsidian Planning Solutions, a Maryland-based advisory firm managing $476 million in assets. The transaction marks Merit’s 50th acquisition since inception and its first expansion into Maryland, establishing offices in Rockville and Columbia.
Founded with a focus on business succession planning and comprehensive financial strategies for business owners, Obsidian brings deep expertise in navigating liquidity events, generational wealth transfers, and complex estate transitions. Through the partnership, Obsidian gains access to Merit’s operational scale, technology infrastructure, and marketing capabilities, while Merit strengthens its institutional knowledge and planning specialization for privately held enterprises.
“Obsidian’s expertise in business succession planning enables Merit to expand our offering to this underserved market,” said Tyler Vernon, Managing Principal and Partner at Merit. “Their team’s focus on this massive generational wealth transfer—trillions of dollars expected to move from Baby Boomers, particularly those who own private companies, to new owners in the coming years—aligns perfectly with Merit’s mission to better serve this client base.”
Partners Patrick Carroll and Todd Feldman, along with their team, will join Merit as part of the transaction.
The Obsidian deal is the first since July 2025, when Merit received a minority investment from Constellation Wealth Capital, providing additional resources to accelerate its national expansion strategy.
The transaction closed on October 3, 2025. Financial terms were not disclosed. Jeff Nash of Bridgemark Strategies advised Obsidian on the sale.
Headquartered in Atlanta, Georgia, Merit operates more than 40 offices nationwide and managed approximately $19.94 billion in total assets as of June 30, 2025—including $14.06 billion in advisory assets, $2.6 billion in brokerage assets, $3.28 billion in retirement assets, and $332 million in assets under advisement.
The acquisition of Obsidian follows a string of recent Merit transactions, including Global Wealth Advisors ($860 million AUM), Second Half Financial Partners ($225 million AUM), and AMP Wealth Management and Olympic Wealth (combined $569 million AUM)—as well as Merit’s entry into Utah through the purchase of RCM Investments.