Mariner Wealth Advisors today announced that it has landed another multibillion-dollar firm with the acquisition of Bloomfield Hills, Mich.-based Heber Fuger Wendin Investment Advisors (HFW).
HFW, which manages $8.6 billion in assets, assumed the Mariner Wealth Advisors name following the July 31 closing of the deal, according to a company news release. It is the firm's fourth office in Michigan and second in Bloomfield Hills.
HFW, which was founded in 1934 and is led by president and CEO Dave Barnes, focuses on advising community banks and credit unions. It has a staff of 11 that will be retained, the release said.
Just two weeks ago, Overland Park, Kan.-based Mariner Wealth acquired The Financial Services Network, a Sacramento, Calif.-based enterprise office with $26 billion in assets under administration office that provides administrative, consulting, compliance and operational services for more than 400 independent financial advisors in 20 states.
“Today’s announcement marks our fifth acquisition of 2022, and we’ve only just passed the halfway mark of the year," Marty Bicknell, Mariner CEO and president, said in an interview. "We’re excited about the future as we head into the second half of the year. I would expect you will see four to six more announcements from us by year end.”
Bicknell said HFW's niche focus on advising community banks and credit unions provides a new market for Mariner.
“Mariner Wealth Advisors is growing rapidly, and it’s important that this growth reflect change and development as well, which for us is facilitated by the ability to offer an expanded catalog of services and offerings,” he said. “Our reach is continually growing across the country, and it is a source of pride for us that with this geographical expansion, we are also now able to provide services in more niche areas."
Bicknell said the deal also brings a lot of talent and experience to Mariner. “HFW is one of the most tenured, established, and well-respected firms out there right now. This team has a talent and focus that is unique and allows us to enhance our offering and theirs,” he said.
In addition to community banks and credit unions, HFW advises clients across the Midwest and South on areas including insurance companies, hospitals, foundations, manufacturing companies, and individuals seeking a wealth advisory partner, the release said.
Barnes, in a statement, said, “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. 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.”