Colorado-based RIA aggregator Mercer Global Advisors has bought Washington-based wealth management firm Hart Capital Management for an undisclosed sum.
Founded in 1998 by Craig Hart, Hart Capital provides a suite of wealth management services to HNW clients.
The company manages approximately $440m in assets for its nearly 400 clients and has a satellite office in Coeur d’Alene, Idaho.
This transaction, which concluded on 31 December 2020, adds a team of ten employees to Mercer Advisors.
Speaking on the deal, Hart said: “We had reached a level of needing to invest heavily in our business to develop the scale and infrastructure necessary to service our ever-increasing client needs; it was a build it or join it decision.
“In observing our industry, we also wanted to offer competitive differentiated in-house services like estate planning, tax return preparation and corporate trustee assistance.”
He added: “Mercer Advisors checked all the boxes for us, right valuation for the business I built, good for my staff with career development opportunities, and most importantly great for my clients knowing they would be well taken care of for generations to come. We couldn’t be more excited about joining the Mercer Advisors team.”
Founded in 1985, Mercer Advisors is said to be one of the largest RIAs and financial planning firms in the US.
The company has been focusing on expanding its presence through M&A activities of late.
Earlier this week, the company announced the purchase of Virginia-based wealth management firm Pinnacle Wealth Solutions.
Recently, it also snapped up Georgia-based wealth management firm Kays Financial Advisory, which manages over $800m in assets.
Last year, Mercer Advisors acquired a number of companies, including Personal Financial Advisors, Summit Wealth Advisors, M.J. Smith and Associates, and ClearRock Capital.
Commenting on the latest acquisition, Mercer Advisors CEO Dave Welling said: “We are very excited to partner with Craig and the Hart team. We are investing heavily in the Pacific Northwest as we push to become the natural best choice for those HNW clients looking for family office style care and support.
“With the addition of Hart Capital Management, one more piece to that puzzle is added. We look forward to partnering with the Hart team to serve their clientele with excellence for years to come.”