Wealth management firm Mission Wealth has received a minority investment from Boston-based Great Hill Partners, a private equity firm specializing in investing in high-growth companies.
The partnership with Great Hill Partners is expected to provide Mission Wealth with substantial resources and expertise to fuel its already strong organic growth, enhance its service offerings for clients, and support its national expansion plans. Mission Wealth emphasized that it will maintain its independent status, with employees retaining majority ownership of the firm.
The financial terms of the transaction, including the size of Great Hill’s stake – were not disclosed.
Founded in 2000, Mission Wealth is headquartered in Santa Barbara, Calif., and has grown to include over 35 offices across the United States. The firm, which reported $10.7 billion in assets under management, offers a comprehensive suite of financial services to more than 4,100 high-net-worth individuals and families, including financial planning, investment management, estate and tax planning, retirement planning, asset protection, and charitable giving advice. According to the company, it is known for its holistic approach to wealth management and helping clients achieve their personal life goals.
Matthew Adams, chief executive officer of Mission Wealth, expressed enthusiasm about the partnership. “As we celebrate our silver [25th] anniversary, we are thrilled to welcome Great Hill as a key partner in our mission to help our clients realize true wealth,” said Adams. “This partnership brings vital resources and additional intellectual capital to our firm, enabling us to serve clients in new ways, accelerate our organic growth initiatives, bolster our mergers and integrations team, and further invest in our technology stack.”
As part of the transaction, Matthew Vettel, managing director of Great Hill, will join the Mission Wealth board of directors.
“Mission Wealth is a recognized leader in the wealth management industry with an unwavering commitment to superior client service and innovation which has fueled their impressive growth. We look forward to supporting their strategy to expand both organically and through strategic mergers, while helping them build on their legacy of excellence,” said Vettel.
According to third-party reporting, this transaction culminates a multi-year search by Great Hill to find a strategic wealth management deal.
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