Merit Financial Advisor establishes presence in Denver area with 2 former LPL companies
Merit Financial Advisors today announced that it has acquired Tedstrom Wealth Advisors Inc. and IM Wealth Care LLC, two Colorado companies with combined assets of $381 million, according to a press release.
The companies were previously with LPL Financial, according to BrokerCheck.
Denver-based Tedstrom Wealth Advisors, which focuses on wealth management and financial planning, was founded by Peter Tedstrom, who will assume the role of regional director at Merit. Tedstrom has worked in the industry since 1984, when he began his career with FSC Securities Corporation. He joined LPL in 1989 after short stints at a few other companies, according to BrokerCheck.
Tedstrom said he’s thrilled the team is partnering with Merit. “We evaluated a number of different potential partners, but the Merit team ticked all the boxes,” he said in a statement. “This transition will allow our team to centralize certain operations, achieve economies of scale, and give my team more time to connect personally with customers and prospects.”
IM Wealth Care, which has offices in Greenwood Village and Colorado Springs, has been an independent advisory partner of Merit for nearly three years, the statement said. The company has also been affiliated with LPL since 2019. It specializes in financial planning, investment management and business consulting, including the design and management of company pension plans, according to the release.
IM Wealth Care, the statement said, will continue to use Merit’s back office and operational expertise. The team will be led by Kate Redden of IM Wealth Care, who will assume the role of Managing Partner.
“Merit has been a supporting partner of IM Wealth Care, and we were eager to formalize our partnership,” said Redden, who began his career in 1992 with IDS Life Insurance Company and American Express Financial Advisors, according to BrokerCheck. “The firm has been essential to our growth, and our expanded relationship also means that we will provide enhanced services to our clients. We look forward to working with the Tedstrom team to strengthen Merit’s presence in Colorado.
Rick Kent, CEO and Founder of Merit, said establishing a strong presence in the Denver area is a priority for the company, and that Tedstrom and IM Wealth Care bring the perfect blend of experience, successful businesses and strong community roots to make it happen.
These latest two acquisitions are Merit’s fourth and fifth since taking a minority investment in December 2020 from Wealth Partners Capital Group and a group of strategic investors led by HGGC. The mergers, which were completed on March 31, 2021, collectively increase the company’s acquired assets by $381 million. Financial and legal terms of the agreement were not disclosed.
Atlanta-based Merit Financial Advisors specializes in financial planning and wealth management solutions for high net worth individuals and families and those going through life transitions. The company has 25 offices in the United States and managed $6.3 billion in assets as of April 1 ($4.45 billion in advisory assets and $1.72 billion in brokerage assets, with 112 million dollars of assets under deliberation).