Atlanta-based registered investment advisor Merit Financial Advisors announced a C-suite leadership reshuffle, naming President Kay Lynn Mayhue as its new chief executive officer, according to an announcement on Tuesday. The changes take effect on January 1, with founder and outgoing CEO Rick Kent transitioning to the role of executive chairman.
Merit Leadership Succession and Executive Promotions
Simultaneously, partner and regional manager Zach Mersberger will step up to serve as the firm’s new president. Mayhue stated that the leadership evolution aims to attract outstanding advisors and firms, accelerate organic growth, and expand capabilities across the organization.
The transition builds on a period of rapid expansion for the RIA. According to Mayhue’s interview with AdvisorHub, she and Kent operated interchangeably for years until the firm crossed $10 billion in assets roughly three years ago, necessitating a division of responsibilities. Mersberger, who joined Merit through a 2022 acquisition, will take on a broader strategic mandate encompassing mergers and acquisitions, according to Kent.
Expansion and Private Equity Backing
Merit oversees nearly $33 billion in total assets, a figure comprising $25.6 billion in advisory assets, $2.5 billion in brokerage assets, and $4.82 billion in employer retirement plans and employee stock ownership plan assets, according to the Tuesday announcement. The firm has maintained an aggressive acquisition pace, completing roughly eleven deals this year with plans to announce four more before the end of the year, Mayhue told AdvisorHub.
Dealmaking activity has been supported by a partnership with private equity firm Constellation Wealth Capital, which took over as Merit’s backer last year. Additional executive shifts taking effect at the start of the year include Chief Investment Officer Brian Andrew adding the title of chief strategy officer, and Chief Operating Officer Chrissy Lee taking on the additional title of chief enterprise officer. Chief Advisor Success Officer Alex Hansen will also assume expanded responsibilities centered on organic growth and wealth solutions.