Mercer Global Advisors (Mercer Advisors), a US Registered Investment Adviser (RIA), has acquired Hart Capital Management (Hart), a wealth management firm headquartered in Spokane, Washington with a satellite office in Coeur d’Alene, Idaho.
Hart serves approximately 400 clients with assets under management (AUM) of approximately USD440 million. Hart was founded in 1998 by Craig W Hart (“Craig”), President and Chief Investment Officer, focusing on delivering comprehensive wealth management services to their high net worth clients. Craig and his experienced team of nine professionals will be joining Mercer Advisors. The Hart transaction closed 31 December, 2020.
Hart’s team prides itself on developing long standing relationships with their clients, utilising a philosophy of personalised service, a deep understanding of specific client needs, a common bond fostered at numerous education and client appreciation events, and consistent performance. Hart’s extremely high client retention rate reflects the level of commitment they have for their clients and their confidence in Hart Capital Management, Inc.
Craig Hart, Founder, says: “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.
“We felt the best decision was to join a national firm that had already built this infrastructure, with the added scale of dedicated middle and back office departments such as dedicated marketing and sales teams and best in class technology with on call IT experts. We spent a lot of time with David Barton, Vice Chairman and Head of M&A at Mercer Advisors and we checked under the Mercer Advisors’ hood and kicked all the tires. 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.”
David Barton who led this transaction on behalf of Mercer Advisors, says: “Craig has built a great business and is well respected in Spokane and Coeur d’Alene. We shared the same mission, vision and values around creating the highest quality financial care for our clients and that cultural alignment is bedrock for any successful transaction. I also like the fact we can leverage our existing operations in Seattle, Portland, and Idaho to create a convention of Mercer Advisors’ shared support in the Pacific Northwest. Craig is a natural leader and with Mercer Advisors’ resources backing he and his team, we are posed for rapid growth. This is a true win-win for both parties.”
Dave Welling, Chief Executive Officer of Mercer Advisors, says: “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.”
Hart was represented by John Furey, Managing Partner, of Advisor Growth Strategies, a leading investment banking firm.