Merit Financial Advisors, an Atlanta-based RIA overseeing almost $33 billion, has acquired a family-run practice in a Buffalo, New York, suburb that was affiliated with Commonwealth Financial Network.<\/p>\n
Moldenhauer & Associates oversees about $1.1 billion in client assets for nearly 1,900 households, according to an announcement. Led by Brett A. Moldenhauer, the 13-person team will remain in its Orchard Park office, giving Merit its first location in New York.<\/p>\n
The deal closed on September 25 and included a mix of cash and equity, Merit said. Additional terms were not disclosed.<\/p>\n
Moldenhauer & Associates registered as an RIA in September 2025, about a month after LPL Financial closed its $2.7 billion purchase<\/a> of Commonwealth. The RIA was owned by Moldenhauer and his father, Richard C. Moldenhauer, who has logged over five decades in the industry, according to a Form ADV brochure filed in January.<\/p>\n Moldenhauer and other advisors have shifted their brokerage licenses to Purshe Kaplan Sterling. About $900 million of the firm\u2019s assets are in advisory accounts, with roughly $170 million in brokerage and $20 million in retirement plans, he wrote in an email.\u00a0<\/p>\n The RIA will shut down \u201cin the near future\u201d now that it is part of Merit, Moldenhauer wrote. Most client accounts will remain with Fidelity, while a small number will be moved to Schwab Advisor Services.\u00a0<\/p>\n Moldenhauer started his career in 2004. He and the team joined Commonwealth in 2016 from Ameritas Investment Corp.\u00a0<\/p>\n LPL\u2019s purchase of Commonwealth prompted the group to rethink the technology and support it needed to continue growing, Moldenhauer said.<\/p>\n \u201cPartnering with Merit gives us greater depth and creates additional opportunities for our team without requiring me to step away from a business I still very much want to grow,\u201d Moldenhauer stated.\u00a0<\/p>\n Moldenhauer also cited the number of former Commonwealth advisors<\/a> and executives<\/a> who had already chosen Merit. The firm said it has added 10 Commonwealth teams, including Moldenhauer, and last month added an $888 million team<\/a> in the Chicago area.\u00a0<\/p>\n The deal is Merit\u2019s 12th this year and 63rd to date, the firm said. President Kay Lynn Mayhue, who becomes chief executive<\/a> on January 1, said last month that Merit expected to announce four more deals by the end of the year.<\/p>\n Merit is majority owned by its leadership and employees and has minority backing from Constellation Wealth Capital<\/a>.<\/p>\n