Merit Financial Adds $1.1B Moldenhauer & Associates
Merit Financial Advisors acquired Moldenhauer & Associates, expanding into greater Buffalo and Western New York with a $1.1 billion wealth management practice whose leadership is seeking support for growth and long-term continuity.
The transaction became effective Sept. 25. Financial terms were not disclosed.
Brett Moldenhauer and the firm’s 12 employees will join Merit while remaining in their Orchard Park office. The practice serves nearly 1,900 households, primarily helping clients approaching retirement or navigating their retirement years.
The acquisition is Merit’s 63rd overall and 12th partnership this year. It also represents the 10th formerly Commonwealth Financial Network-affiliated firm to join the platform.
Founded by Richard Moldenhauer, Brett’s father, the business evolved from life insurance into financial planning and wealth management. Brett joined more than two decades ago and now leads a multigenerational team.
The practice expects to add approximately $100 million in new assets this year. Its assets have grown from less than $150 million when it joined Commonwealth in 2016 to more than $1 billion, with growth driven primarily by referrals and established client relationships.
Moldenhauer said additional marketing, human resources, technology and operational support would allow advisors to devote more time to clients.
“What caught my attention was the caliber of people who were choosing Merit,” he said.
The deal follows Merit’s September addition of Tim Brennan’s Deerfield, Illinois, practice, which brought approximately $888 million in client assets and more than 1,000 households. Brennan had spent nearly 27 years with Commonwealth-affiliated Pinnacle Financial Group.
Atlanta-based Merit reported approximately $32.92 billion in assets across more than 70 offices as of Sept. 12.
That total includes $25.6 billion in advisory assets, $2.5 billion in brokerage assets, $3.02 billion in employer plans and $1.8 billion in employee stock ownership plan assets, rather than exclusively discretionary assets under management.