Alera Group is acquiring Strategic Retirement Plan Consultants (SRPC), in a move that will add $800 million of retirement plan assets under advisement (AUA) for Alera Group’s retirement plan services division.
SRPC, led by Peter Klinkmueller and Steve Boudreau, has served qualified plans primarily in the Northeast and nationwide. The firm’s services comprise of plan design, vendor selection and management, employee education, fee and service benchmarking, and fiduciary services including investment consulting and process design.
“For decades, Peter and Steve have set the standard for dedicated service to plan sponsors, and we’re honored to welcome them to our team,” said Christian Mango, executive vice president and national practice leader of Retirement Plan Services for Alera Group. “Their work in the Northeast both augments our fast-growing retirement-plan business in the region and complements Alera Group’s strong presence in the Boston-area employee-benefits market.”
As part of the agreement, SRPC has affiliated with The Waterford Group, an Alera Group Company based in Rochester, New York and focused on retirement plan services.
“With Alera Group, Steve and I saw both a strong cultural fit and an opportunity to bring our practice to the next level,” added Klinkmueller. “We’re eager to collaborate with The Waterford Group regionally and the broader Retirement Plan Services team nationwide.”
The SRPC team members will continue serving clients in their existing roles. Terms of the transaction were not announced.
The acquisition is the latest in a series of transactions and partnerships by Alera Group. In October, the firm announced expansions to its eastern U.S. division with the acquisition of Massachusetts-based Berkshire Fairfield Insurance Agency and Scarafoni Financial Group. Earlier in September, the national insurance and financial services firm acquired Minnesota-based Advanced Capital Group, adding $24 billion in retirement plan and wealth assets.
Alera Group is an independent financial services firm with $1.4 billion in gross revenue, and offers property and casualty insurance, employee benefits, wealth services and retirement plan solutions to clients nationwide.
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Amanda Umpierrez is the Managing Editor of 401(k) Specialist magazine. She is a financial services reporter with over six years of experience and a passion for telling stories and reporting news. Amanda received her degree in journalism and government and politics at St. John’s University. She is originally from Queens, New York, but now resides in Denver, Colorado with her partner. In her free time, Amanda enjoys running, cooking, and watching the latest drama show.
