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Business Observer Tuesday, Jan. 18, 2022 4 months ago

Denver company acquires $510M advisory firm

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Cordasco Financial Network was founded in 2011.

NAPLES — Denver-based Mercer Advisors, one of the largest Registered Investment Advisers in the country, has acquired Cordasco Financial Network out of Naples.

Financial terms of the deal weren’t disclosed.

CFN, according to a statement, has over 400 clients with assets under management of about $510 million. Steve Cordasco founded the firm in 2011, and it now offers comprehensive financial planning and portfolio management to high-net-worth individuals, families, and corporate clientele, the release states. CFN’s team will be joining privately held Mercer Advisors, which has over $37 billion in client assets, 640 employees and operates nationally through more than 60 nationwide offices.

“I’ve built an RIA firm that delivers ‘tax-centric’ financial planning advice and employs multiple CPAs to make sure client tax consequence is considered and optimized as part of their overall financial planning experience,” Cordasco says in the release. “Contextually, we focus on where life meets wealth. In this regard, we provide multidisciplinary advice to our clients through CFP professionals working hand-in-hand with our CPAs to provide holistic advice to our clientele. Our business model is successful, we are growing fast, but we lack the scale and leverage necessary to accommodate our growth with back-office responsibilities gobbling up valuable time and resources.”

“I saw David Barton, Mercer Advisors Vice Chairman, speak at an industry conference and he coined the phrase, ‘You either need to build scale, or join it, if you want to remain competitive,’ Cordasco adds. “I decided to join it rather than build it. I also loved Mercer Advisors’ family office business model with in-house estate planning, tax return preparation and corporate trustee services, which was a perfect fit with our business model. Of course, being able to offload back-office responsibilities to Mercer Advisors will add significant excess capacity to me and my team freeing us up to service more clients, and win new ones.”

Barton, who led this transaction on behalf of Mercer Advisors adds: “Steve is an entrepreneur and great leader. He’s also very good at business development. Steve’s talents are rare and together we’ll leverage one another’s strengths to aggressively expand our Florida presence, including his satellite offices in the Northeast where we already have a heavy office footprint. 

Established in 1985, Mercer Global Advisors Inc. 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. Mercer Advisors Inc. is the parent company of Mercer Global Advisors Inc. Oak Hill Capital and Genstar Capital are the majority owners of Mercer.

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