Mariner Wealth Advisors announced today the acquisition of Bloomfield Hills, Mich.–based Heber Fuger Wendin Investment Advisors, the latest in a series of strategic acquisitions intended to expand the rapidly growing firm's scale, expertise and capabilities across the United States.
Following on the heels of a multi-billion-dollar deal announced last month, the acquisition of HFW expands and diversifies the firm’s portfolio of offerings to serve a previously untapped niche: community banks and credit unions. The deal, which closed at the end of July, also brings Mariner an additional $8.6 billion in assets under management.
Founded in 1934 and led by President and CEO Dave Barnes, HFW is one of the most tenured registered investment advisors in the United States and has seen considerable growth in recent years.
“Mariner Wealth Advisors fully understands and appreciates their status as a fiduciary who, like HFW, is inspired to act in the best interest of their clients and put the clients’ interests first,” Barnes said in a statement. “We’re eager to be progressing to this next stage in our development backed by the support and resources of the Mariner Wealth Advisors team.”
In addition to community banks and credit unions, the firm advises clients across the Midwest and southern United States, including insurance companies, hospitals, foundations, manufacturing companies and individuals. The firm’s services include bank investment and credit union investment advisory services, asset liability management, third-party reviews of ALM models, investment portfolio accounting, mortgage servicing rights valuation, financial planning for individuals and other consulting services.
“At Mariner Wealth Advisors, we know that true client service goes beyond the portfolio, and this is a motto that HFW lives by every day,” said Mariner CEO Marty Bicknell. “In addition to being aligned with their business philosophy, we’re excited to work with them to grow their very valuable offering supporting community banks and credit unions. We’re thrilled to welcome them to the Mariner family.”
HFW assumed the Mariner Wealth Advisors name following the July 31 closing and continues operations as before with its current team of 11 employees. This is Mariner Wealth Advisors’ 75th location nationwide, fourth office in Michigan and second in Bloomfield Hills.
Founded in Overland Park, Kan., in 2006 with $300 million in assets under advisement, Mariner Wealth Advisors and its affiliates now advise on over $60 billion in assets.
Echelon Partners served as the financial advisor to HFW in the transaction.
"The combination of HFW and Mariner represents an accretive transaction in a number of ways as Mariner adds scale and reinforces several niche service lines, including advisory to community banks and credit unions," said Echelon Vice President Brett Mulder. "We are very excited for Dave, Heidi and the entire Heber team as they look to expand on the growth they have achieved over a storied history of the business."