Alera Group announced new expansions this week, including acquisitions in the east coast and a new hire to its western U.S. division.
The national insurance and financial services firm is expanding its Massachusetts presence with the acquisitions of Pittsfield, Massachusetts-based Berkshire Fairfield Insurance Agency and Scarafoni Financial Group. The addition expands Alera Group’s work in employee benefits, property and casualty insurance and retirement plan services.
The newly combined office is led by senior partners Brian Tremblay and Matthew Scarafoni and includes 18 team members.
“Berkshire Fairfield and ST Insurance focus on understanding their clients’ unique complexities and providing the right products and solutions to meet their needs,” said Gary Piantedosi, Managing Director, Northeast Region, Alera Group. “This approach aligns well with Alera Group’s collaborative philosophy, and we’re excited to grow together with their teams and clients.”
In addition to expanding Alera Group’s work in the EB and P&C areas, the acquisition also adds approximately $200 million of retirement plan assets under advisement for Alera Group’s Retirement Plan Services division.
The Berkshire Fairfield and Scarafoni teams will continue serving clients in their existing roles. Terms of the transaction were not announced.
Alera Group also announced the hiring of California-based industry veteran Joshua Sorensen to its national team of retirement plan services professionals.
Previously, Sorensen served as a senior retirement plans division manager at Edelman Financial Engines. At Alera Group, he will continue to serve retirement plan clients by providing fiduciary investment advice, plan design and governance consulting and education and financial wellness consulting.
“Josh is an outstanding retirement plan advisor whose accomplishments are reflected in both the scale of his work with clients and his client-service ethic,” said Christian Mango, executive vice president and national practice leader of retirement plan services. “We’re continuing to expand, both by acquisition and by attracting top talent, as we implement our strategy of serving clients up and down the plan-size spectrum. Bringing on Josh is another milestone, and I’m honored to welcome him aboard.”
Based in Clovis, California, Sorensen will work in association with Benefit Commerce Group, an Alera Group company in Scottsdale, Arizona.
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