InvestmentNews reported on October 15 that Mercer Advisors is one of several RIA consolidators turning to debt financing to support growth and acquisitions. The article, which the research for this story did not retrieve in full, places Mercer alongside EP Wealth Advisors and Beacon Pointe, and centers on Mercer's recent $1.9 billion refinancing.
In its October 8 release, Mercer said it had replaced existing borrowings with a seven-year syndicated term loan B, alongside a larger five-year revolving credit facility of $340 million. Mercer's release describes the $1.9 billion as debt refinanced. The $340 million is revolving credit capacity, not a price or revenue figure.
Mercer's account is that the loan trades its private borrowings for a cheaper setup, pushes out maturities and broadens the group of lenders. The company said the deal was meaningfully oversubscribed and marked its entry into the broadly syndicated loan market. Mercer's release names Goldman Sachs Bank USA as lead left arranger and administrative agent, JPMorgan Chase Bank as syndication agent and BMO Capital Markets as documentation agent. Ten other institutions served as joint lead arrangers and bookrunners.
Gün Keresteci, Mercer's chief financial officer, said the syndicated debt is the firm's first such deal, and that it lowers financing costs while giving the company a more diversified investor base. Chief executive Dave Welling credited the deal to Mercer's expansion and to its disciplined approach to building client relationships and bringing partner-firm clients into the firm.
Cost figures differ by source. Bloomberg reported in September that the refinancing would cut the borrowing margin by 1.75 points, which it estimated at about $29 million a year in savings. A Mercer spokesperson projected $35 million to $40 million in interest savings next year, plus $15 million in upfront financing costs, according to coverage on Yahoo Finance. Wealth Management said the loan priced at a spread of 2.75 points above the floating rate benchmark and was issued at 99.75 per 100 of face value, and it also described a $250 million delayed-draw term loan earmarked for acquisitions. These are cost figures, not assets under management.
Bloomberg first reported Mercer's plan on September 18, describing a $1.65 billion leveraged loan that would refinance about $1.6 billion of private-credit debt. Mercer's October announcement put the completed refinancing at $1.9 billion. The materials reviewed for this story do not explain the difference between the two figures. According to Wealth Management, regulatory filings name KKR, Ares and BlackRock among the lenders on the existing private debt, along with Apollo-run vehicles, one of them a MidCap Financial fund.
Mercer describes itself as a Denver-based national wealth and financial planning firm. The firm offers portfolio management, planning, estate and tax work, and insurance, and it also acts as a corporate trustee handling trust administration. Mercer's release says it has surpassed $110 billion in assets entrusted by clients, while CityBiz reports about $111 billion in client assets for Mercer Global Advisors, which it says operates more than 110 locations and employs more than 1,730 people. Briefs describes Mercer as private equity-owned. The firm's growth model combines attracting clients, recruiting advisors and acquiring established RIAs.
Mercer's announcement said it has delivered double-digit organic growth excluding markets for two years running and has recorded a record number of M&A partners over the past 18 months. Mercer's acquisition of NorthAvenue Financial Advocates, a Columbus, Ohio firm, came with more than $220 million in assets under management as of February 28, 2026, a figure for the target rather than for Mercer. Wealth Management reported that Mercer launched Aspen 2.0, its second-generation proprietary operating system, in July. CityBiz reports Mercer's claim that it was ranked first in Barron's Top 100 RIA Firms for three consecutive years.
EP Wealth Advisors, the other consolidator named in the InvestmentNews summary, is a Torrance, California-based acquisitive RIA with $36 billion in assets under management as of June 2025, according to Wealth Management. EP issued a $400 million seven-year term loan and a $100 million five-year revolver, with proceeds for debt paydown and acquisitions. S&P Global Ratings gave EP a B- grade with stable prospects, while Moody's rated it B2 with a stable view. Both are speculative grade. Moody's said pro forma debt-to-EBITDA would rise to 4.9 times from 4.4 times. InvestmentNews reported that EP was preparing a fresh equity raise alongside the debt.
Beacon Pointe is also named in the InvestmentNews summary as using debt financing. The research for this story found no coverage of that deal and no details of its terms, so the article does not characterize it further.
The sources do not describe Mercer's next steps beyond the refinancing itself. Wealth Management reported a $250 million delayed-draw term loan for acquisitions, but no source gives a timetable or target for future deals.