Atlanta-based Merit Financial Advisors acquired New Cumberland, Pennsylvania-based Zimmermann Investment Management & Planning, with $739 million in client assets, Merit announced Tuesday. The transaction was finalized on Dec. 20.
The acquisition will expand Merit’s presence in Pennsylvania with a fourth office in the state, the firm pointed out.
Zimmermann Investment Management serves state employees and retirees with investment management, retirement and estate planning. Curt H. Zimmermann, President and Investment Advisor Representative, will join Merit with his team and transition to a new role as Partner and Wealth Manager at Merit.
Partnering with Zimmermann opens the door to a new niche market.
Tyler Vernon, Managing Principal at Merit
“We’re thrilled to expand Merit’s presence in Pennsylvania and add a fourth office in the region,” said Tyler Vernon, Managing Principal at Merit. “Partnering with Zimmermann opens the door to a new niche market, and we’re thrilled to welcome Curt and his talented team to Merit.”
Zimmermann Investment Management will grow its investment, technology and marketing teams, as well as expand its infrastructure, due to the acquisition.
“I am thrilled to be taking [my firm] to the next level of growth by partnering with Merit,” said Zimmermann. “We are proud to join a firm that aligns with our mission of putting the client first, enabling our team to focus on their responsibilities while expanding how we serve our clients.”
The transaction represents Merit’s 31st acquisition since it received a minority investment from Wealth Partners Capital Group and a group of strategic investors led by private investment firm HGGC’s Aspire Holdings platform in December 2020, it said.
In late December, Merit announced it acquired Lake Oswego, Oregon-based Roth Asset Management, with $773 million in client assets, and Berwyn, Pennsylvania-based Trinity Financial Partners, with $603 million in client assets.
Merit specializes in financial planning and wealth management solutions for high net worth individuals and families, as well as clients navigating life transitions. The firm supports the independent broker-dealer and RIA models.
Merit has more than 40 offices throughout the U.S. and managed $11.8 billion in assets as of June 30, including $8.8 billion in advisory assets, $2.8 billion in brokerage assets and $253 million in assets under advisement.
Jeff Berman, Contributing Editor and Reporter at Wealth Solutions Report, can be reached at jberman@wealthsolutionsreport.com.
