The Colony Group to Grow Its Business Owner Practice and Expand into New Hampshire
BOSTON, Aug. 26, 2019 /PRNewswire/ -- The Colony Group, a national, award-winning wealth management firm that manages approximately $10 billion in regulatory assets for clients, announced an agreement for a strategic transaction with Harvest Capital Management based in Concord, NH. Colony will have 14 offices in seven states with over 195 team members upon the closing of the transaction, which is expected in the fourth quarter of 2019.
"We are honored to have Marshall Rowe and the talented Harvest team join Colony," said Michael Nathanson, Chairman and CEO of The Colony Group. "Harvest has developed an engaging, differentiated process that takes business owners – often the leaders of family-owned businesses – through strategic transactions, helping them consider not only the financial implications but also how various structures and outcomes may impact their professional identities and family dynamics. We believe that this capability will be a significant addition to the solutions we currently offer to our business owner clients."
Harvest was founded in 1995 by Marshall Rowe, the firm's CEO. Rowe later partnered with Jim Fitts, CFP®, and John Weeks, CExP™, as the firm enhanced its talent and service offering to meet the needs of business owners anticipating strategic transactions with respect to their businesses. Harvest's services and capabilities will further expand Colony's family office service offering for ultra-high net worth and high net worth families. Harvest's sustainable investing solutions will also enhance Colony's existing investment strategies. Sustainable investing options are increasingly desired by many investors, including affluent families.
"Reflecting our culture of continuous improvement, we spent time seeking the strategic partner we believed would best improve our capability to serve our clients, and Colony emerged as the clear choice. We look forward to working with our new colleagues across offices to further benefit the business owners we advise," shared Rowe, who will join Colony's executive team and lead its Business Owner Practice.
Colony and its team members have received distinguished financial industry awards over many years. They have been recognized by Barron's, both as a Top Independent Advisor from 2009 to 2017 and as a Barron's Top 40 RIA firm in 2018. Colony was also the 2018 Trailblazer IMPACT Award™ Winner and the 2010 Best-In-Business IMPACT Award™ Winner. Colony is one of only two firms to ever win two IMPACT Awards™, part of Charles Schwab & Co., Inc.'s IMPACT Awards™ program. The firm is committed to diversity and one of its principals was named to InvestmentNews' Women to Watch list in 2018.*
Colchester Partners, a Boston-based M&A advisory firm, advised Harvest on the transaction.
About The Colony Group, LLC
The Colony Group was founded in 1986 and became a partner firm of Focus Financial Partners in 2011. The Colony Group is an independent, fee-only financial advisory firm with locations in Massachusetts, Colorado, Florida, Maryland, New York and Virginia. They provide high-net-worth individuals and families, corporate executives and entrepreneurs, professionals, athletes, institutions, businesses and non-profit organizations with deep expertise that goes beyond investment management and can encompass tax, estate, retirement, and philanthropic planning, asset allocation, and cash and risk management.
Award and Recognition Disclosures:
Barron's criteria: Top 40 RIA Firm - Barron's ranks independent advisory firms weighing dozens of qualitative and quantitative components, including assets managed, the size and experience of teams, and the regulatory records of the advisors and firms. The Barron's Top 100 list included Colony's CEO for 2007 and 2009-2017. Criteria included advisor's assets under management, contribution to the firm's revenues and profits, and quality of service.
IMPACT Awards® criteria: Firms must use Charles Schwab & Co., Inc. ("Schwab") as a custodian and must have been in business for at least 10 years (Best-in-Business IMPACT Award™ ) or at least five years (Trailblazer IMPACT Award™ ), have at least $25 million in assets under management, and be registered with the SEC. Schwab and an industry panel review general business metrics and essays submitted by the firms and makes selections for the awards.
The Best-in-Business IMPACT Award™ is presented to an independent investment advisory firm for excellence in business management and client services, including achievements in integrating technology as a core part of its business operations. The Trailblazer IMPACT Award™ recognizes an independent investment advisory firm for unique efforts to advance the industry, such as serving a new client segment, creating a new business model, offering education to the community, developing new talent, or advocating for the industry. The Colony Group and its employees are independent of and are not employees or agents of Schwab. Schwab does not prepare, verify or endorse information distributed by The Colony Group. Neither The Best-in-Business IMPACT Award™ nor The Trailblazer IMPACT Award™, both part of Schwab's IMPACT Awards® program, is a referral to, endorsement or recommendation of, or testimonial for the advisor with respect to its investment advisory or other services.
InvestmentNews Women to Watch criteria: Demonstrated success and leadership in the financial advisory industry; proven ability or power to effect change in the industry; exhibited willingness to share her expertise with others in the field, including by serving as a mentor or role model to other female professionals in the industry and speaking at industry events; and has given back to her community through activities such as sitting on boards, volunteering and donating time to help investors. Nina Mitchell, a principal and Senior Wealth Advisor at The Colony Group, was included on the list in 2018.
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