Michelle Ash, Senior Wealth Advisor – Jacksonville, Mercer Advisors
In an interview with Invest:, Michelle Ash, Senior Wealth Advisor for Mercer Advisors in Jacksonville, talked about the company’s growing presence in the Jacksonville area. Mercer Advisors helps families simplify and amplify their financial lives. Michelle’s prior firm, Paragon Wealth Strategies based in Jacksonville, chose to join Mercer Advisors, a national wealth management firm, to benefit from more expansive resources for their team and clients.
How does Mercer Advisors impact the Jacksonville region?
Our impact in the Jacksonville area is just getting started. The reason for that is the company Paragon Wealth Strategies, which I co-founded and co-owned, was acquired by Mercer Advisors in November 2023. Mercer Advisors had been in the Florida market for some time, but lacked a strong presence in the Northeast Florida area prior to the acquisition. We now offer a combination of core and specialty solutions. Our differentiator is our goal to be a family office for everyone’s family. It’s a concept that has been in practice for over 100 years, but it has only been available to the extremely wealthy. Our idea is to bring that level of expertise no matter the wealth level and assist clients with tax planning, estate planning, and other specialized services and products included in the advisory fee. In terms of specialized products, we have deep expertise in private market offerings, and we are able to offer that to qualified clients at much lower costs than industry norms, designed to increase potential returns within our clients’ portfolios.
What is your overview of the wealth management and financial services industry at the moment?
A major trend right now is that the average financial advisor is somewhere between the ages of 55 and 63. Especially if they started their own firm, they are looking for an opportunity for a succession plan or just fully retiring, which is why mergers and acquisitions are happening more often, both locally and nationally, in the wealth management space.
How have client expectations changed over the past year?
Clients increasingly are looking for an advisor who acts as a fiduciary – meaning someone who is going to have the client’s best interests in mind ahead of the firm. We strive to simplify complexity by integrating diverse components of the full financial picture into a cohesive whole. Similar to the Mayo Clinic, which consolidates various medical specialties and facilities for its patients, we aim to do the same. Our clients appreciate having access to a comprehensive range of services, all managed by a single team of professionals. This integrated approach allows us to provide efficient solutions, enhancing the overall client experience. And we operate with fiduciary duty for everything we do.
Another way we are distinct is through our depth and breadth of investment expertise. Unlike many other firms in our industry, Mercer Advisors has a 100-person investment team. This team is composed of individuals from the top to the bottom who are committed to managing clients’ investments and the due diligence involved, rather than having other competing duties. Within the investment portfolio, a significant portion is leveraged synergistically, enabling Mercer Advisors to approach markets and institutional providers.
How does Mercer leverage technology and innovation to operate efficiently?
Much of Mercer Advisors’ growth over the last 10 years has been through mergers and acquisitions. If an acquisition target company does not have the same technology that Mercer Advisors has, a plan is developed to help bring it on board, so the entire company operates from one set of systems to create synergy. The company’s robust technology team continues to evolve the technology tools and portals that helps improve both the advisor and client experience. Mercer Advisors is proud to be able to say we are one team, and that is true despite our scale. Technology is the backbone of making that happen, and it is inspiring to see it in action. Mercer Advisors is also always looking for tools that can further upgrade and innovate what we are already doing. Innovation is key to our promise to our clients and advisors.
What are some primary challenges you are facing?
Within the industry, many individuals in the workforce are aging, which means there is a need to recruit and train the next generation of professionals. From a broad standpoint, I would say there are a lot of opportunities for clients that need help, but you need to have professionals to serve those people. When robo-advisers first emerged in the industry, people speculated that financial planners would become obsolete; however, it became evident that AI, while valuable, still required a human interface. We actively collaborate with educational institutions to help nurture and grow a skilled workforce of financial professionals. Jacksonville is experiencing a period of significant population growth, which presents a golden opportunity for Mercer Advisors. The influx of new residents brings families who may seek to modify their financial planning relationships. Particularly in the era of virtual communication, many individuals prefer personal interactions with financial advisors rather than relying solely on digital platforms. As the population grows, so does our advisor force. We are always looking for next-gen talent who can learn and grow with the company.
