Seattle-based Merriman Wealth Management LLC has acquired Summit Capital Management LLC, with offices in Spokane and Seattle. 

The acquisition, which took effect April 1, is part of Merriman’s overall regional growth strategy. Summit Capital will assume the Merriman name. Merriman now claims 2,000 clients and manages $2 billion in assets, says Merriman CEO Colleen Lindstrom.

Merriman will continue to maintain the former Summit Capital’s Spokane office—with roughly a half dozen employees—at 111 N. Post downtown.

Dave Spratt, Merriman’s chief operating and compliance officer, declines to disclose terms of the acquisition. 

“We did acquire their book of business and right now are dedicating most of our time to getting to know their clients and working on integration,” Spratt says.

Merriman now has total of 45 employees, including 15 principals. No employees from Summit Capital became Merriman principals.

Merriman also recently added an office in Portland, and Lindstrom says the company is seeking to expand its reach even further this year.  

 “We’re also looking at the San Francisco Bay area and the Scottsdale/Phoenix market,” she says. “Many of our Pacific Northwest clients have relocated to the Phoenix area.”

Merriman emphasizes a comprehensive wealth management approach that incorporates financial, retirement, insurance, estate, wealth transfer, and income tax planning, says the company’s website.

Summit managing partner Rob Martin says the company had been in negotiations with Merriman, and its parent firm, Focus Financial Partners, for the past year.

“Summit was looking to grow as well,” says Martin, who adds that prior to the merger, Summit Capital had nearly 400 clients and managed about $600 million in total assets.

Martin and his brother, David, merged the former Martin Investment Group of Spokane with Summit Capital Partners of Seattle in 2006. Summit Capital had been founded in 1996, and Martin Investment Group started in 2002.

David will remain an employee of Merriman as an advisor in Spokane. Rob, based in Seattle, will serve as a consultant while continuing to develop his own financial advising company, Spratt says.

Says Rob Martin, “It’s hard to believe that in 2002 we started with investments of $28 million. We’re incredibly excited to combine with Merriman.”

Adds Lindstrom, “The leadership team at Summit Capital has created an amazing firm focused on exceptional client service and robust portfolio management. This merger allows us to extend Merriman’s comprehensive wealth management process to Summit’s clients, and make additional portfolio strategies available to the clients of both firms.”