Merit Financial Advisors has acquired Hershey Wealth Advisors, establishing its fifth office in Pennsylvania, US.
Financial details of the deal were not revealed.
This move boosts Merit’s assets by $233m and expands its reach within the state.
Hershey Wealth Advisors offers financial planning and investment management services. It also assists with individual, state, and local income tax returns while offering long-term care and disability insurance solutions.
With this acquisition, Gregory Richards, principal of Hershey, will assume the role of wealth manager and partner at Merit, accompanied by his team.
Richards said: “By joining forces with Merit, we’re infusing more resources into our offering, providing us more time to spend with clients. Merit’s offering will simplify our back-office complexities, broaden our access to technology, and increase our reach in the region.”
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The acquisition is Merit’s 33rd since December 2020, following a minority investment by Wealth Partners Capital Group and a consortium led by HGGC’s Aspire Holdings platform.
In the previous month, Merit’s purchase of Pillar Wealth Management added $179m in assets to its portfolio along with two new offices in Wisconsin.
Merit managing principal and partner Tyler Vernon said: “We are excited to welcome the Hershey team to Merit and establish a presence in this thriving area of Pennsylvania.
“Greg and his team of professionals are closely aligned with Merit’s core values, and we’re looking forward to a prosperous partnership.”
The transaction was exclusively advised by FP Transitions.
In December 2024, Merit expanded in the Pacific Northwest through the purchase of Roth Asset Management, adding $773m in assets.
Merit, headquartered in Atlanta, Georgia, manages over $11.84bn in assets, which includes $8.8bn in advisory, $2.8bn in brokerage assets, and $253m under advisement as of 30 June 2024.
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