By David Wignall

Serial acquirer Merit Financial has bought Global Wealth Advisors, a Texas-based wealth management practice with roughly $860 million in client assets. GWA was previously affiliated with Commonwealth Financial Network, whose recent sale to LPL Financial has triggered an advisor recruiting war.

"We weren't actively looking to make a change but based on recent developments at our broker-dealer, we decided to seize an opportunity and make a change that's better for our clients and team," Kris Maksimovich, GWA's president, said in a statement. "Joining Merit will help us maintain our personalized approach while expanding our presence in Texas."

As part of the transaction, Maksimovich, along with GWA advisor Chris Powers, will join Merit as regional directors and partners. The rest of the 16-member team is coming too.

A representative for LPL didn't immediately respond to a request for comment.

Kay Lynn Mayhue, president of Atlanta-based Merit, said in a statement that she had started her career alongside Maksimovich more than 25 years ago. "It is a full-circle moment for us to now be working together under the Merit brand," Mayhue said.

The deal expands Merit's presence in Texas -- one of the firm's largest and fastest-growing markets, according to a press release. GWA has offices in the Texas cities of Lewisville, San Antonio, Angleton, and Snyder. It also operates offices in Naples, Fla. and Canonsburg, Pa.

The transaction, Merit's ninth this year, closed on Aug. 18. The firms declined to disclose financial and legal terms of the deal.

The acquisition is Merit's 41st since it sold a minority stake in December 2020 to a group of private-equity investors. In July 2025, several of those private-equity backers exited their holdings while Merit sold a minority stake to Constellation Wealth Capital, a PE firm that also holds positions in fast-growing wealth management firms such as Cresset Wealth and Lido Advisors.

Several other Commonwealth advisors have left the independent broker-dealer, which was top-ranked for advisor satisfaction, following its acquisition by LPL, which closed on Aug. 1. Some have formed RIAs, while others have jumped ship to growing firms like Raymond James. In May, LPL said it was "on track" to retain 90% of Commonwealth's advisors. Merit is ranked No. 33 on Barron's Top 100 RIA Firms for 2024.

Write to advisor.editors@barrons.com

This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

August 21, 2025 13:32 ET (17:32 GMT)

Copyright (c) 2025 Dow Jones & Company, Inc.