Mercer Advisors Acquires $412M Connecticut Wealth Manager
Mercer Global Advisors, Inc. has acquired Benchmark Wealth Management, LLC, an Old Lyme, CT-based advisory firm with approximately $412 million in assets under advisement that focuses on high-net-worth professionals and retirees.
Financial terms of the deal were not disclosed.
Principals Richard (Rick) Stout III and Thomas (Tom) Britt merged their separate practices in 2007 to form Benchmark. Today, they serve over 300 clients.
“Once we got to know the team at Mercer Advisors, we became confident that our clients would continue to receive top-notch care and that we would have opportunities to further deepen these relationships by adding services such as estate planning, tax guidance, and more,” said Stout.
David Barton, VC, who led the acquisition of Benchmark on behalf of Mercer Advisors, added, “Rick and Tom are highly experienced planners with sophistication in managing larger clients. In addition to a like-minded service model, Mercer Advisors gains additional expertise in serving high-net-worth clients and more coverage in an important market for us.”
Formed in 1985, Denver-based Mercer Advisors manages $63 billion in assets. The firm is majority owned by private equity firms Oak Hill Capital, Genstar Capital, and Altas Partners.
In March, Mercer Advisors announced the acquisition of MDK Private Wealth Management, LLC, a $2.5 billion Seattle-based firm that caters to ultra-high-net worth clients.
Benchmark Wealth Management was represented by DeVoe & Company.
