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January 13, 2021 at 03:11 PM
RIA Mercer Global Advisors has acquired Rowland Carmichael Advisors (RCA), a wealth management firm in Scottsdale, Arizona, with more than $850 million in assets under management and advisement.
The news comes just two days after Mercer said it bought McGee Wealth Management, an RIA in Portland, Oregon, with about $815 million in assets and only six days after Mercer said it bought Atlanta Financial Associates, an RIA with about $815 million in assets.
Arizona-based RCA serves about 240 clients and was founded by Tim Rowland, its chairman, and David Carmichael, its president, in 1986. It provides wealth management services to high-net-worth clients, including a retirement plan service business.
The transaction closed Dec. 31, and financial terms were not disclosed.
RCA has four shareholders and principals: Rowland, Carmichael and next-generation wealth managers Jaron Carmichael and Corey Bird. In all, nine RCA team members are joining Mercer.
“While we have a strong team and great next generation talent and leadership, David and I realized that we needed to find a like-minded partner that could not only provide a business continuity plan for us, our clients, and staff, but also help us scale and leverage of our operation,” Rowland said in the announcement.
For the RCA team, “it was the choice of building it or joining it, and we decided to join it,” according to David Carmichael. “Although we had other options, we found that Mercer Advisors was the best partner for us going forward. We loved that they offer in-house family office services including estate planning, tax return preparation, and corporate trustee services.”
