Denver-based Mercer Global Advisors Inc. today announced the acquisition of Springfield-based wealth management firm Heim, Young & Associates Inc.
Mercer Global Advisors is merging Heim, Young & Associates and related entity HYA Advisors Inc. into its operations, according to a news release. The financial terms were not disclosed for the recently closed deal, according to company officials.
"My partners and I were at a place where the business had grown substantially, and we knew we could benefit from having the expertise of a larger firm to help take us to the next level," said Brent Singleton, a partner at Heim, Young & Associates, in the release. "After several conversations, we became very excited because we felt like Mercer Advisors completely aligned with our values of taking care of our clients first, as well as providing an opportunity for our employees to grow."
Heim, Young & Associates' team is slated to join Mercer Advisors as part of the deal.
Heim, Young & Associates has roughly 1,000 clients with assets under management and advisement of approximately $1.2 billion, according to the release. The firm ranked No. 1 this year on Springfield Business Journal's list of the area's largest certified financial planners. Founded in 1989, the company reported nine local CFPs and a total financial planning staff of 22.
"The partners at HYA have built a great business, a strong team and they are a highly respected group of wealth management professionals," Mercer Advisors CEO Dave Welling said in the release. "We are thrilled to be opening a new location in Springfield, Missouri, and look forward to working together to deliver meaningful results for our shared clients."
Mercer Advisors has more than $38 billion in client assets under management, according to the release. It has more than 670 employees at roughly 60 offices nationwide.
The Bureau of Labor Statistics reported in May the all-items inflation index surged 8.6% over the past year, the highest increase since 1981.