It’s not one of the flashy roll-ups or consolidators that dominate headlines in industry trades, but Merchant Investment Management has quickly and quietly become one of the most exciting growth stories in wealth management.
In just eight years, Merchant, whose founders include former Goldman Sachs, Apollo and Dynasty executives, has grown to encompass a community of about 120 partner firms managing $300 billion in assets.
Even more telling is the caliber and performance of firms selecting Merchant as their partner. These include names such as Washington, D.C.-based 72Capital ($12+ Billion), which has grown to about, Summit Financial with ($24 Billion), Concurrent with ($14 Billion), Appolon ($11B) and Private Advisor Group, ($35 billion) to name a few
One defining feature is Merchant’s investment approach. It aligns with advisor businesses across the spectrum from minority to majority which Merchant refers to as “Lifecycle Partnership.” This provides liquidity and capital for owners while ensuring incentives remain aligned between Merchant and the partner firm. Importantly, advisors do not have to give up control.
Merchant’s other key differentiator is the level of support it provides to help partners grow. The firm has created an ecosystem of essential service providers, by investing in approximately 15 firms across the industry, including investment bank Republic Capital Group, valuation firm WR Valuation, Compliance provider Advisor Assist, and trust administration service Sterling Trustees. It also holds stakes in firms offering cybersecurity support, outsourced CFO services, among others.
This represents the first operating company with long duration in our space that truly functions as an active partner and community rather than merely a source of capital. Previously, it was almost impossible for RIAs and breakaway advisors to assemble all these resources independently or without relinquishing full ownership. They had to seek private equity sponsorship that would pressure firms to maximize returns in preparation for a sale after five to seven years.
Partner firms can also tap into the intellectual capital of Merchant’s all-star leadership team. The firm was launched by Marc Spilker and Scott Prince, both former Goldman Sachs partners. Spilker was Co-Head of Goldman Sachs’ Investment Management Division who then served as President of private equity giant Apollo Global Management. The founding team also includes Tim Bello, a pioneer in the independent space who previously was a partner at SkyBridge, and an early-stage partner at Dynasty Financial and Rick D’Amico, formally of Merrill Lynch, heads up the investment office.
Other key executives include Matt Brinker, who was the Chief Business Development for United Capital and instrumental in growing that firm from $300 million to $25 billion in assets. Others include David Mrazik, one of the nation’s leading attorneys who was GC at Focus Financial in the early years, and Bryan Staff who helped grow PKS into one of the nation’s largest independent broker dealers.
These leaders are positioned to listen and offer support, not dictate how practices should be run or what products to offer clients.
As the Editor of The Gershman Group, a boutique financial services consulting firm, TGG brings expertise in financial analysis, strategic planning, and market research. With a keen eye for detail and a passion for helping businesses navigate complex financial landscapes, TGG delivers insightful, high-quality content to empower informed decisions. Backed by years of industry experience, TGG makes complex topics accessible through clear and compelling communication, shaping the firm’s thought leadership and commitment to excellence in financial services.
