Atlanta-based Merit Financial Advisors on Tuesday announced the acquisition of Pradel Financial Group, a Seattle-based wealth management firm, founded and led by veteran advisor Paul Pradel, that serves about 110 client households with almost $420 million in assets under management (AUM).
The transaction is Merit’s 58th acquisition and expands its presence in the Pacific Northwest, it pointed out.
The acquisition was finalized on April 24, Merit said.
Pradel Financial Group will “immediately” rebrand to Merit Financial Advisors, David Wahlen, Vice President, Strategic Partnerships at Merit Financial Advisors, told WSR by email.
Pradel Financial Group, founded in 2002, is a boutique firm focused on high average client net worth and emphasized comprehensive financial planning, especially for clients with concentrated stock positions and complex wealth scenarios, Merit said.
Pradel was affiliated with Commonwealth Financial Network for over 23 years.
He is joined at Merit by longtime team member Jessica Moore, who will serve as Client Relationship Manager at Merit. The pair have worked together for over 20 years, Merit noted.
“From the beginning, this decision was about finding the right long-term partner for our clients, Jessica and me,” Pradel, who is a Wealth Advisor and Partner at Merit, said in a news release.
“I wanted a firm that felt nimble, collaborative, and growth-oriented, where I could continue to deliver the same high-touch experience while also expanding what’s possible for our clients. Merit checked every box.”
Pradel added, “No one I spoke with was as focused on helping me grow as Merit. I’ve built a very efficient practice, but I know there’s more opportunity ahead. Having access to dedicated marketing, infrastructure, and strategic support allows me to spend more time doing what I do best, serving clients.”
Merit said it will provide Pradel with expanded succession planning and long-term continuity.
Alex Hansen, Chief Advisor Success Officer at Merit Financial Advisors, stressed the alignment between Pradel’s approach and Merit’s broader vision.
“Paul has built an incredibly thoughtful and differentiated practice centered on deep relationships and exceptional client service,” Hansen said in the press release.
Hansen added, “We were particularly impressed not only by his success, but by the intentionality behind how he’s grown, serving a select group of clients at a very high level. Just as important, we value the role Jessica plays in delivering that experience. At Merit, we believe great teams, not just individual advisors, drive long-term success.”
On April 7, Merit announced its 57th acquisition: Strategic Retirement Plans, an independent wealth management firm headquartered in Billings, Montana, with an additional office in Gillette, Wyoming, that managed about $582 million in total client assets, including approximately $576.9 million in AUM and $5.35 million in retirement plan assets under advisement.
Looking ahead to other M&A activity, Wahlen told WSR, “We don’t forecast deal counts, rather act opportunistically when the right cultural fit comes along. I would imagine there will be roughly half a dozen more by year end (+/-).”
He added, “There are several other partnership discussions at various stages, as we’re fortunate to have a very robust partnership pipeline.” According to Wahlen, the firm’s strategy for this year and beyond is to continue to “add talent and capabilities nationally, with a focus on cultural fit, adding leadership and advisor talent, and teams who want to help us fulfil our mission of enriching the lives of those we serve.”
Wahlen added, “As a national firm, we are always seeking to expand our footprint with a focus on impacting more client lives and expanding our talent pool. Whether that's in existing Merit markets or new ones, we’re more focused on strategic fit than geography.”
Merit, which supports both the independent broker-dealer and RIA models, has more than 55 offices and managed about $26 billion in assets as of March 31, including $18.63 billion in advisory assets, $2.89 billion in brokerage assets, $2.7 billion in employer plans, and $1.8 billion in employee stock ownership plan assets.
Jeff Berman, Contributing Editor and Reporter at Wealth Solutions Report, can be reached at jeff.berman@wealthsolutionsreport.com.
