Three LPL Affiliates Merge to Create $2.6 Billion Super OSJ “Dream Team”
Merit Financial Group, an independent registered investment advisory firm, its merging with two independent financial advisory businesses, Botsford Financial Group and Financial Development Systems.
Merit Financial Group, an independent registered investment advisory firm, its merging with two independent financial advisory businesses, Botsford Financial Group and Financial Development Systems. Merit is one of the largest Super OSJs whose advisors are affiliated with LPL Financial as their broker- dealer.
The move provides Merit with expanded national scale and capabilities, with a total employee base of 60 professionals and approximately $2.6 billion in client assets, of which $1.3 billion are in regulatory assets under management and $1.3 billion are in brokerage assets serviced.
“The strategic combination of Merit with Botsford Financial Group and Financial Development Systems is a major milestone that sets us up for considerable future success in serving retail investors, advisors, plan sponsors and benefits consultants in the qualified retirement plan space,” said Rick Kent, president and founder of Merit Financial Group.
Founded in 1995, Merit focuses on three core areas: independent financial advice for individuals and families; turnkey financial wellness options for company retirement plan sponsors, retirement plan advisors and third-party benefits consultants; and super office of supervisory jurisdiction services for retirement plan-focused independent financial advisors affiliated with LPL Financial, the nation’s largest independent broker-dealer.
Botsford Financial Group is a financial planning firm for high net worth clients specializing in retirement and asset preservation planning for business owners and senior executives of Fortune 500 companies.
Botsford will be led by its president, Kay Lynn Mayhue, and founder Erin Botsford will serve as a strategic business development officer.
Financial Development Systems is an independent advisory firm that provides holistic wealth management services, as well as income, education and estate planning and tax strategies. Merit has served as Financial Development Systems’ OSJ since 2014, and going forward, the firm will operate as a partner under the Merit brand and platform.
Financial Development Systems president Jody Owenby will serve as senior partner at Merit. Greg Gerhard, previously chief operations officer and chief financial officer, will serve as partner and chief internal strategy officer of the combined firm.
“Our new dream team positions us to greatly expand our impact in the industry by giving us the breadth of knowledge and capabilities to serve every type of client,” Kent added. “In addition, it will enable us to ramp up our efforts to partner with likeminded advisors through our RIA who are looking for turnkey investment strategies and long-term planning for their clients and teams.”
Based in Alpharetta, Georgia, Merit Financial Group is affiliated with Merit Financial Advisors, an independent Super OSJ firm supporting 34 independent financial advisors. The firm also has offices in Atlanta, Georgia; Jacksonville, Florida; Davidson, North Carolina; Birmingham, Alabama; and Frisco Texas.
