Santa Barbara-based registered investment advisor Mercer Advisors Inc. has announced its acquisition of Spruce Hill Capital, an RIA firm managing $110 million in client assets and located in Guilford, Connecticut.
Mercer Advisors is the parent company of RIA Mercer Global Advisors, which has over $6 billion in assets under management and more than 5,000 clients.
The purchase increases Mercer's east coast presence and accessibility, and is part of an acquisition strategy the firm is pursuing to become "the first authentically national registered investment advisor in the United States," according to David H. Barton, chief executive officer of Mercer Advisors.
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According to its latest Form ADV disclosure to the Securities and Exchange Commission, because of the potential for conflict of interest, Mercer Global Advisors doesn't use a performance-based fee structure but instead charges fees on assets under management.
In addition, it recommends but does not require clients to use as custodians TD Ameritrade Institutional, Charles Schwab & Co., Inc., or Scottrade, Inc.
Its third-party administration and recordkeeping services, according to the form, are available through Mercer Global Advisors, "executed by Aspire and URPC professionals."
Mercer has both a 401(k) advisory business and a personal wealth management business. Its Form ADV filing does not break out how much of the business is dedicated to each.
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