$21B Merit Acquires Wealth Unit of Tax and Accounting Firm

Core Insights - Merit Financial Advisors is pursuing both inorganic and organic growth through the acquisition of SSC Wealth, a financial advice team valued at $260 million [2] - The acquisition will bring four advisors to Merit, including Michele Hammann, who will take on a dual role as regional vice president and partner while continuing as chief strategy officer at SSC CPAs + Advisors [2][3] - The partnership aims to enhance client services by combining tax expertise from SSC with Merit's wealth management capabilities [4][6] Inorganic Growth - Merit has acquired SSC Wealth, which is part of SSC CPAs + Advisors, based in Topeka, Kansas [2] - SSC Wealth has a focus on high-net-worth individuals and business owners, providing tax strategy and business valuation services [5] - The acquisition is part of a trend where RIAs are increasingly integrating CPA services, with examples from both large and smaller firms [4] Organic Growth - Michele Hammann will facilitate organic growth by fostering referral collaboration and joint client engagement between Merit and SSC [3] - The partnership will allow Merit clients to access SSC's tax planning and business advisory services, while SSC clients can work with Merit's wealth managers [6] Industry Context - A recent survey indicated that 57% of RIA executives offer tax planning services, and 22% provide tax preparation [5] - The collaboration between RIAs and CPAs has been evolving, with many firms opting to bring tax services in-house [4]