Fragasso Financial Advisors Acquires Beaver Practice
Pittsburgh, November 9, 2018 —Fragasso Financial Advisors announces the acquisition of its first practice in Beaver, owned by Paul Mehno, affiliated with AXA Advisors, LLC. The acquisition is effective as of November 9, 2018.
This is Fragasso’s second acquisition. The first was The Grandview Group in 2015, which was based in Zelienople and transitioned into Fragasso’s North Hills location in Wexford. The Beaver office brings Fragasso to five locations. The firm intends to serve clients from the existing location at 433 State Avenue, Beaver, PA 15009.
Practitioner Paul Mehno, who has combined assets under management and non-advisory assets of $70 million, has been serving clients for over twenty years. Discussions between Mehno and Fragasso began in April of 2018. He will join Fragasso Financial Advisors as a Vice President and Financial Advisor and continue to work from the Beaver location.
Bob Fragasso has been very vocal about his pursuance of acquisition opportunities. “The industry is in a state of transition with the average age of advisors being in their mid-50s, and nearly forty-percent planning to retire in the next ten years” Fragasso continued. “In addition, these sole or partnership practitioners are faced with challenges in resource acquisition, technology and compliance. We have made significant investments in operational efficiencies as well as talent at Fragasso. Advisors are supported by knowledgeable personnel who have the tools available to help clients work toward financial success.”
Daniel Dingus, president and executive director of portfolio management, explains, “Our goal is to expand our market presence regionally around Pittsburgh with offices in every corridor – north, south, east and west. The Beaver office is that first peg west of the city. With the recent shale development coupled with Beaver’s affluent neighborhoods and a highly regarded public school system, this area has been a target of ours for years.”
“Fragasso Financial Advisors has a solid reputation in the industry, and we share the same values,” said Paul Mehno, Vice President and Financial Advisor. “I am confident that I have found the best opportunity for me, but more importantly, for my clients.”
1Barron’s ranks Fragasso Financial Advisors founder, chairman and CEO Robert Fragasso as the No. 2 financial advisor in Western Pa. and No. 66 out of 17,500 such firms nationally on the list of America’s Top 100 Independent Advisors. Barron’s has ranked independent advisors since 2007. The Top 100 Independent Financial Advisors ranking reflects the volume of assets overseen by the advisors and their teams, revenues generated for the firms, assets under management, revenue produced for the firm, regulatory record, quality of practice, philanthropic work and the quality of the advisors’ practices. 2Forbes ranks Fragasso Financial Advisors founder, chairman and CEO Robert Fragasso #2 in Western Pennsylvania on Forbes Top 250 Wealth Advisors; No. 175th national Financial Advisor ranking. Algorithm is based on quality of practice learned through telephone and in-person interviews, client retention, industry experience, review of compliance records, firm nominations; and quantitative criteria, including: assets under management and revenue generated for their firms. Investment performance is not a criterion because client objectives and risk tolerances vary, and advisors rarely have audited performance reports. Rankings are based on the opinions of SHOOK Research, LLC which does not receive compensation from the advisors or their firms in exchange for placement on a ranking. Minimum account sizes are general since it can vary depending on a range of circumstances. Advisors are judged on individual contribution, but total team assets are shown; while in some cases significant, non-custodied assets are not included due to verification difficulties. Data as of June 2018.