The financial terms of both deals were not disclosed.

Wealth management firm Mercer Advisors has completed the acquisition of Hartford-based Pinnacle Investment Management and Austin-based Murray & Co Asset Management, a privately-owned and independent registered investment advisor.

Pinnacle is an investment management and financial planning firm located in the greater Hartford, Connecticut-area providing wealth management services to individuals and institutions around the world, Mercer said in a statement. 

The firm has over $180 million in assets under management. Pinnacle founder and chief executive, John Eckel, and his entire team will be joining Mercer.

Eckel will be joined by John Flanagan, who has over 20 years of industry experience, and John Shanley, who is a certified financial planner with a Masters in financial planning.

“Pinnacle shares our commitment to financial planning and helping our clients on their path to economic freedom,” said Dave Welling, CEO of Mercer.   “As CFPs and fee-only financial planners we see the world similarly. We share a belief that financial planning is essential in today’s complex financial world and that operating as a true fiduciary that puts clients first is the best way to run an advisory firm.”

Murray & Co
Based in Austin, Texas, Murray & Co was founded in 1999 by Dean Murray and has since grown to AuM of $85 million. The firm’s clients include high net worth individuals and families, endowments, non-profit foundations and corporate pension funds.  

Murray and his team will be joining Mercer.

Welling added: “We are committed to being a driving force in the Texas market as well as throughout the Southwest. Murray & Co is a great fit for Mercer both philosophically and culturally and we look forward to working with the Murray team to broaden our service to our existing and future clients.”

Both transactions increase Mercer’s client assets to approximately $11.6 billion, with 7,800 clients nationwide.

The financial terms of both deals were not disclosed.

Established in 1985, Mercer Advisors is a wealth management firm that provides comprehensive, fee-only investment management, financial planning, family office services, retirement benefits and distribution planning, estate and tax planning, asset protection expertise, and corporate trustee and trust administration services. Mercer Advisors is the parent company of Mercer Global Advisors, and is headquartered in Santa Barbara, California.

In September, this publication reported that Mercer had acquired financial planning and investments firm, Ray Mignone Associates, with $290 million of assets under management.