Mercer Advisors is buying a bunch of economic planning corporations that collectively handle practically $900 million in shopper property, in keeping with the Denver-based RIA.
Vishira Hen Monetary Group, a Memphis, Tenn.-based $583 million agency, will complement Mercer’s already-existing Nashville workplace to spice up the agency’s presence in Tennessee, whereas the acquisition of D. Scott Neal, a 10-person agency managing over $300 million in property, can be Mercer’s first foray into Kentucky.
Harish Vishria and Robert Hen co-founded Vishira Hen to give attention to U.S. shoppers with inheritance and asset ties to India. The agency has shoppers spanning Tennessee, Florida, and California.
The agency focuses on cross-border wealth transfers, enterprise and multi-generation planning, and property, tax and insurance coverage methods because the Indian-American inhabitants grows in measurement and affluence. The acquisition offers Cishria Hen entry to Mercer companies, together with back-office assist and household workplace wants.
“Partnering with Mercer Advisors permits us to develop the depth of our companies, giving our shoppers entry to extra sources whereas preserving the deeply private relationships we’ve constructed through the years,” Vishria mentioned.
In Kentucky, President Scott Neal heads D. Scott Neal, which has labored with shoppers spanning 17 states from their workplaces within the Lexington and Louisville metro areas. Along with Neal, Jerome Zimmerer is the agency’s vp and chief compliance officer, and Richard Coles serves as a senior advisor.
The agency works with healthcare professionals, entrepreneurs, small enterprise homeowners and people going by divorce, in addition to households requiring retirement, elder and better schooling planning companies. In accordance with Mercer Govt Managing Director Ben Kautz, Kentucky represented “a lovely, untapped market” for the agency.
Mercer’s first deal of the year also expanded its Tennessee presence; in February, it finalized its acquisition of the $660 million Monetary Companions Group, based mostly in Gallatin, Tenn. (a suburb of Nashville). Mercer now manages about $1.6 billion within the higher Nashville space.
Mercer has about $71 billion in shopper property and is majority-owned by Oak Hill Capital, Genstar Capital and Atlas Companions. It has about 1,220 staff and 96 areas nationwide.
