Merit Financial Advisors announced today that it has acquired Tedstrom Wealth Advisors Inc. and I.M. Wealth Care LLC, two Colorado firms with a combined $381 million in assets, according to a news release.

The firms were formerly 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 been in the industry since 1984 when he began his career with FSC Securities Corporation. He joined LPL in 1989 after short stints at a couple of other firms, according to BrokerCheck.

Tedstrom said he is thrilled that the team is joining forces with Merit. “We evaluated a number of different potential partners, but Merit’s team checked all the boxes,” he said in a statement. “This transition will allow our team to centralize select operations, deliver economies of scale and provide more time for my team to personally connect with clients and prospects.”

I.M. Wealth Care, which has offices in Greenwood Village and Colorado Springs, has been an independent advisor partner of Merit’s for nearly three years, the release noted. The firm 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 retirement plans, the release said.

I.M. Wealth Care, the release noted, will continue to use Merit’s back-office and operational expertise. The team will be led by I.M. Wealth Care’s Kate Redden, who will assume the role of managing partner.

“Merit has been a supportive partner of I.M. Wealth Care, and we were eager to formalize our partnership,” said Redden, who began her 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 we’ll be offering enhanced services for our clients. We are looking forward to working with the Tedstrom team to bolster Merit’s presence in Colorado.” 

Rick Kent, CEO and founder of Merit, said establishing a strong presence in the Denver area has been a priority for the firm, and Tedstrom and I.M. Wealth Care bring the perfect mixture of experience, thriving businesses and strong community roots to make this happen.

These two latest 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 finalized on March 31, 2021, collectively increase the firm’s acquired assets by $381 million. The financial and legal terms of the deal 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 navigating life transitions. The firm has 25 offices throughout the U.S. and managed $6.3 billion in assets as of April 1 ($4.45 billion in advisory and $1.72 billion in brokerage assets, with $112 million in assets under advisement).

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