Mariner Wealth Advisors says it has acquired another multibillion-dollar wealth management practice.
The latest addition is Bloomfield Hills, Michigan-based Heber Fuger Wendin Investment Advisors, a firm founded in 1934, according to Mariner.
Led by president and chief executive officer Dave Barnes, HFW now oversees $8.6 billion in assets under management for individuals as well as banks and credit unions, insurance companies, hospitals, foundations and manufacturing companies, Mariner says.
HFW’s services include financial planning for individuals, investment advisory services, asset liability management, third-party reviews of asset liability management models, investment portfolio accounting, mortgage servicing rights valuation and more, according to Mariner.
Mariner didn’t disclose the financial terms of the deal, which closed at the end of last month.
As part of the deal, HFW took on the Mariner Wealth Advisors name and will continue operating with its current staff of 11, according to Mariner.
The addition is Mariner’s fourth office in Michigan and second in Bloomfield Hills, the company says. It also expands Mariner’s offerings to banks and credit unions, which was “a previously untapped clientele” for Mariner, according to the firm.
Founded in 2006, Mariner has been on a buying spree this year, announcing acquisitions of Viewpoint Financial Network, Arbor Wealth Management, Emerson Wealth, Taylor Wealth Management Partners and Corbenic Partners. And just two weeks ago, Mariner announced that it’s acquiring The Financial Services Network, which has more than 400 advisors overseeing $26 billion.
Mariner says that the firm and its affiliates now have more than $60 billion in client assets.
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