AFS 401(k) Retirement Services, LLC (AFS 401(k) Retirement Services) and AFS Financial Group, LLC has been acquired by HUB International, the firms announced today. Terms of the transaction were not disclosed.
Founded in 1988, AFS is a nationally recognized leader in providing forward-thinking retirement plan consulting and wealth management services to companies, organizations, individuals, and families located in Bethesda, Md. AFS 401(k) is led by Principal Alex Assaley and supports mid- and large-sized organizations in managing employer-sponsored retirement plans and financial wellness programs, including complex fiduciary oversight, plan design, and employee advice coaching services.
The AFS dedicated wealth management team led by founder Alp Atabek and Principal Jason Dahl takes a personal approach to delivering full-scope financial planning and investment management services to their client relationships, often managing family relationships that span several generations. Notably, the AFS team has received national recognition as a Top DC Advisor Team (2022), with Principal Alex Assaley serving as the President of the National Association of Plan Advisors (2021).
“AFS’s reputation and relationships will help us continue the strategic expansion of our retirement and wealth management services,” said Hub Retirement and Private Wealth President Joe DeNoyior. “We are enthusiastic about our future together and excited to have their entire team join HUB. Their passion to help clients shows in everything they do.”
Atabek, Assaley, Dahl, and the entire AFS team will join Hub Mid-Atlantic as part of the deal.
“We are thrilled to be part of the Hub team—gaining access to their size, scale, resources, and technology to continue delivering industry-leading and reliable services to our clients, helping them work toward a successful financial future and guiding them to make the best decisions for today, tomorrow and their long-term retirement goals,” Assaley said.
AFS 401(k) supports mid- and large-sized organizations in managing employer-sponsored retirement plans and financial wellness programs, including complex fiduciary oversight, plan design, and employee advice coaching services. The AFS Financial dedicated wealth management team takes a personal approach to delivering full-scope financial planning and investment management services to their client relationships, often managing family relationships that span several generations.
“We look forward to the AFS team joining Hub, which builds on our strong team and further deepens our expertise in this area,” said Joe Brown, President of Hub Mid-Atlantic.
“Alex and Alp were one of the earliest adopters of an integrated service model by providing both high level retirement plan consulting and individual wealth management for their clients.”
Wise Rhino Group’s Peter Campagna
The AFS move continues to strengthen Hub’s Retirement and Private Wealth (RPW) practice bringing a substantial $2.3 billion in assets under advisement (AUA) to Hub RPW’s $148 billion total assets serviced. The partnership is indicative of a growing trend in the M&A world: large-scale national insurance brokerage powerhouses continue to acquire retirement and wealth-focused practices regardless of market conditions to bolster RPW platforms and create additional cross-sell opportunities. Reputable wealth managers and retirement advisors are discovering a fertile landscape within these rapidly scaling firms, providing an accelerated avenue for the growth of their respective businesses.
Wise Rhino Group, a leading M&A advisory practice representing retirement and wealth advisory, third-party administration, and financial services industry technology firms, served as financial advisor to AFS for the transaction.
“AFS has been one of the most innovative and forward-thinking firms in the financial services industry for many years,” said Peter Campagna, a partner with Wise Rhino Group. “Alex and Alp were one of the earliest adopters of an integrated service model by providing both high level retirement plan consulting and individual wealth management for their clients. They were also pioneers in the financial wellness space, by building dynamic participant engagement technology almost completely from scratch. HUB has thoughtfully constructed one of the strongest platforms in the industry and they are a perfect partner for the AFS team to continue serving their clients and expand their services.”
Headquartered in Chicago with more than 17,000 employees in offices located throughout North America, Hub International Limited is a leading full-service global insurance broker and financial services firm providing risk management, insurance, employee benefits, retirement and wealth management products and services.
SEE ALSO:
• HUB Launches Pooled Employer Plan
• Joe DeNoyior on the Entrepreneurial Attitude Underlying HUB’s Success
• The Assaley Doctrine—What the NAPA President Wants to Achieve: Wealth@wor(k) 2021