Regent Wealth Management Group Inc. of Woodbridge has been acquired by a Mercer Global Advisors Inc. of Denver, which pursued the deal to increase its presence in the Northeast.
Regent serves a client base of approximately 110 high-net-worth households with combined assets of approximately $300 million.
According to Mercer, it already has a “strong presence” in the Northeast, but the addition of Regent increases its branch count to 11 in the region, with $2.7 billion in assets under management, and three offices in Connecticut. In addition to Woodbridge, Mercer also has a presence in Hartford and Fairfield.
The acquisition brings Mercer’s total number of offices nationwide to 43, and increases its total assets under management to over $16.5 billion, according to an announcement. Mercer was established in 1985 and provides a range of services, including investment management, financial planning, estate and tax planning, and asset protection.
Financial terms of the acquisition were not disclosed.
Dave Welling, Mercer’s chief executive officer, said in an announcement Regent’s staff members will be “a great addition to the team.”
Alan P. Weiss, a certified financial planner and public accountant, founded Regent in 1987 with the goal of providing comprehensive wealth management for high-net-worth individuals and families.
According to Weiss, Regent has focused on providing unbiased advice and being “fee only” and a “fiduciary” to clients.
“It was important to me we found a partner that put clients’ interests first like we do,” Weiss said in an announcement.
David Barton, vice chairman of Mercer Advisors, said Weiss always bases a decision on whether it will be good for a client, and he and his staff are a “great fit” for Mercer.
“We share a common mission, vision and values, providing a solid bedrock for our transaction and go-forward partnership,” Barton said.
Contact Michelle Tuccitto Sullo at msullo@newhavenbiz.com
