Merit Financial Advisors Announces Minority Investment Partner
Merit Financial Advisors, an Atlanta-based, national wealth management firm with $19.94 billion in assets under advisement (AUA), including $14.06 billion in advisory, $2.6 billion in brokerage assets, $3.28 billion in retirement plan and ESOP assets, has announced a strategic minority investment from Constellation Wealth Capital (CWC), an alternative asset management platform focused on supporting the long-term growth of independent wealth management firms.
“From the time we met with them, we knew CWC was the right partner to help take Merit into its next phase of growth,” said Rick Kent, CEO of Merit Financial Advisors. “Their deep experience in the wealth management space, alignment with our culture, and long-term mindset made this an ideal match. Their investment structure preserves our independence and leadership continuity, which are critically important to our team, our clients, and our future.”
Merit says the new investment comes at a pivotal time in the firm, as it looks to “scale its advisor platform and expand national reach amid rising demand for wealth management solutions.” The investment will expand Merit’s advisor platform and boost its client experience offerings.
“We are thrilled to partner with Rick, Kay Lynn, and the entire Merit team,” said Karl Heckenberg, President & Managing Partner of Constellation Wealth Capital. “Merit has demonstrated a unique ability to scale while maintaining strong cultural cohesion, delivering exceptional service to clients, and attracting top advisor talent. We are confident that this partnership will fuel continued innovation and growth in the years ahead.”
Merit currently operates 40 offices nationwide and employs over 300 team members.
“This investment marks an exciting chapter in Merit’s journey,” said Kay Lynn Mayhue, president of Merit Financial Advisors. “CWC’s support will allow us to accelerate our strategic initiatives and further strengthen our capabilities for our advisors and their clients. We remain focused on growing the right way through values-driven leadership and by empowering our team to thrive in service of others.”
As part of this transition, Wealth Partners Capital Group (WPCG), which previously held a minority investment in Merit since 2019, and a group of strategic investors led by HGGC’s Aspire Holdings platform, will be exiting its ownership stake.
The transaction is expected to close in the third quarter of 2025. Merit will continue to operate under its current name and leadership, with no operational changes resulting from this transaction.
Ardea Partners LP served as lead financial advisor, assisted by William Blair, and Holland & Knight and Kirkland & Ellis served as legal counsel to Merit. Goldman Sachs & Co. LLC served as financial advisor and Gibson, Dunn & Crutcher served as legal counsel to Constellation Wealth Capital.
Amanda Umpierrez is the Managing Editor of 401(k) Specialist magazine. She is a financial services reporter with nearly a decade of experience and a passion for telling stories and reporting news. She is originally from Queens, New York, but now resides in Denver, Colorado.
