Spokane-based wealth management company Longbow Financial Services LLC has been acquired by Hub International Ltd., a Chicago-based global insurance brokerage and financial services company that has a presence in Spokane.

The Spokane company now will be referred to as Longbow Financial Services LLC, a Hub International Company. It will retain all four of its employees, including founder Michael Furrer, and will continue to serve its current clients.

Furrer declines to disclose the terms of the acquisition, which was finalized earlier this month.

Over the past roughly 20 years, Longbow had outgrown its book of business, Furrer says. He says he had to make a choice as he's gotten older either to expand from within or merge with a larger company, he says.

“I felt I had a fiduciary duty to get this succession planning and this growth model shifted over to something bigger, so we can continue to service and support the clients,” he says.

Longbow has moved from its office at the Lincoln Building, in downtown Spokane, to the Hub International Spokane office in the Wonder Building, at 835 N. Post.

Longbow specializes in 401(k) and wealth management. It will continue offering the same services with the same client fees, but with access to Hub's resources, such as additional advisers, more research, and advanced technology.

“The technology right now and the support that we’re already getting from Hub is amazing,” Furrer says. “The thing I’m looking forward to most is getting fully integrated into the Hub system.”

Furrer says the decision to go through with the acquisition wasn't easy, but with each passing day, he is happier with his choice.

“Our primary mission is client and participant focused,” Furrer says. “We’re going to be able to continue to do that.”

Hub International provides risk management, insurance, employee benefits, retirement, and wealth management products and services. It has over 17,000 employees in offices throughout North America.