Naples-based wealth management firm Cordasco Financial Network was acquired by Mercer Global Advisors Inc., a full-service wealth management firm and national Registered Investment Adviser (RIA), company officials announced.
CFN, founded by CEO Steve Cordasco in 2011, serves more than 400 clients with assets under management of approximately $510 million. Its team, which offers comprehensive financial planning and portfolio management to high-net-worth individuals, families and corporate clientele will be joining Mercer Advisors.
With a staff of retirement specialists, CPAs and insurance consultants, CFN’s team combines expertise in a variety of fields to design and implement customized solutions that help guide clients. However, Cordasco said, despite a successful business model and fast growth, the company lacks the scale and leverage necessary to accommodate the growth.
Enter Mercer Advisors Vice Chairman David Barton, who Cordasco saw speak at an industry conference. “[Barton] coined this phrase: You either need to build scale or join it if you want to remain competitive. I decided to join it rather than build it,” Cordasco said. He added that the ability to offload back-office responsibilities to Mercer Advisors will free his team’s availability to clients and allow them to gain more clients.
Mercer Advisors is a total wealth management firm that provides comprehensive, fee-based investment management, financial planning, family office services, retirement benefits and distribution planning, estate and tax planning, insurance solutions and corporate trustee and trust administration services. Headquartered in Denver, the company is privately held, has more than 640 employees and operates more than 60 offices.
Oak Hill Capital and Genstar Capital, one of the largest RIAs and financial planning firms in the country with more than $37 billion in client assets, hold majority ownership stake in Mercer Advisors.
