US-based financial advisory firm Merit Financial Advisors has acquired Global Wealth Advisors for an undisclosed sum.
The deal will add new offices to Merit in Lewisville, San Antonio, Angleton, Snyder, Naples, Canonsburg, and Snyder, Texas; Naples, Florida; and Canonsburg, Pennsylvania.”
The merger brings an additional $860m in client assets under Merit’s management.
Global Wealth Advisors has been offering wealth preservation, asset protection, retirement income strategies, and estate planning.
The leadership of Global Wealth Advisors, including president Kris Maksimovich and managing partner Chris Powers, will transition into roles as regional directors and partners at Merit.
They, along with their 14 advisors and support staff, will join Merit’s team, expanding the firm’s influence in the Texas region where it now operates seven offices.
Kris said: “We weren’t actively looking to make a change but based on recent developments at our broker-dealer, we decided to seize an opportunity and make a change that’s better for our clients and team.
“Joining Merit will help us maintain our personalised approach while expanding our presence in Texas.”
The integration into Merit will provide Global Wealth Advisors with enhanced operational support and access to Merit’s wealth management platform.
Merit president Kay Lynn Mayhue stated: “Kris and I started our careers together more than 25 years ago. I’ve witnessed him build a firm rooted in client service, integrity, and true leadership. It is a full-circle moment for us to now be working together under the Merit brand, and a powerful step forward toward our shared commitment to clients.”
This acquisition marks the 41st for Merit Financial Advisors in a period of four and a half years and follows other recent expansions, including the acquisition of Second Half Financial Partners earlier in the month, which increased Merit’s assets by $225m.
In June, Merit also extended its reach into Utah with the acquisition of RCM Investments, adding $281m in assets.
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