Corporate Roundup: TRPG, Hub, Prime Pensions Announce Acquisitions

Amanda Umpierrez

2 months ago

In this week’s corporate roundup, The Retirement Planning Group, Hub International, and Prime Pensions all announce new acquisitions, while PCS Retirement and Prime Capital Financial welcome new leaders.

TRPG Acquires $180M Watters Financial

Cetera Holdings, the parent company of Cetera Financial Group, announced today that Cetera’s employee-based RIA, The Retirement Planning Group (TRPG), has acquired Watters Financial Services.

With approximately $180 million in assets under management as of March 31, 2024, Watters Financial Services is based in Paramus, New Jersey and led by father-son duo Tim Watters, CFP, and Colin Watters, CFP. The team delivers wealth management services to more than 130 clients. Through the acquisition, three full-time professionals will become TRPG/Cetera employees.

“We are pleased to welcome Tim, Colin and the dedicated Watters team to TRPG,” said Kevin Conard, CEO at TRPG. “The Watters team shares our values and commitment to clients and we are confident they will find TRPG a great home for their business and their clients. We anticipate that TRPG will continue to attract independent advisors looking to spend more time with their clients and less time running their business and encourage today’s client-centric independent advisors to consider TRPG.”

“As we contemplated the future of our business, we knew we wanted to increase our focus on what matters most: serving our clients,” said Tim Watters. “Joining Kevin and the TRPG team has empowered this shift by alleviating many of the time consuming and cumbersome burdens of operating a financial planning business. We look forward to a bright future for our business and our clients together with TRPG.”

The acquisition marks the third for TRPG since being acquired by Cetera. TRPG acquired Dightman Capital Group, Inc. in February and closed an acquisition of Lee Financial Group Hawaii in June. TRPG now oversees more than $2 billion in assets under management (AUM).

Hub Acquires Clark 401k Consulting

Hub International Limited announced that it has acquired the assets of Clark 401k Consulting, LLC. Terms of the transaction were not disclosed.

Located in Los Gatos, California, Clark 401k Consulting is an independent 401(k) consulting and fiduciary processes firm. They provide 401(k) retirement plan consulting services in various areas, including independent 401(k) investment consulting, review and help establish fiduciary processes and best practices, retirement readiness, plan optimization strategies, benchmarking, and investment selection assistance and monitoring.

Christopher Clark, an accredited investment diduciary (AIF) and investment consultant, and the Clark 401k Consulting team will join Hub’s Retirement and Private Wealth (RPW) practice in Central & Northern California.The several registered investment advisory affiliates in HUB RPW provide investment advisory services to clients whose total assets are approximately $148 billion.

“We are excited to have Chris and his team join us and look forward to using his expertise to help us grow the organization,” said Darren Caesar, CEO of Hub Central and Northern California.

“Chris’s experience with not only retirement plans, but employee benefits and financial wellness, is an excellent fit for what we are focused on here at Hub,” added Joe DeNoyior, president of Hub Retirement and Private Wealth.

SEE Also: A Big Deal: AFS Acquired by HUB

PCS Retirement Appoints Board Member

PCS Retirement has added Bob Francis to its board of directors.

Francis is past president of Aetna’s 401(k) business division and cofounder of financial services M&A consulting firm Wise Rhino.

Scott David, PCS Retirement CEO, has emphasized the company’s commitment to enhancing its board with industry veterans focused on driving the firm’s growth and demonstrating a dedication to delivering exceptional service to clients.

“From his industry operating experience, Bob has extensive knowledge in sales and distribution as well as M&A,” says David. “From our conversations with him and our awareness of his accomplishments in this industry, we’re confident he will be an active and value-added board member.”

With a career rooted in finance, Francis rose to prominence at Aetna before co-founding National Retirement Partners and later Wise Rhino Group, specializing in M&A advisory services for financial firms.

Prime Pensions Buys TPA VFPM

Prime Pensions, Inc. (PPI) a Florham Park, NJ- based provider of retirement plan compliance and administration services, has acquired Valley Forge Pension Management (VFPM), a Muncy, Pennsylvania-based third-party administrator (TPA) of retirement plans. Terms of the deal were not disclosed.

The addition of VFPM will serve as Prime Pensions’s first office in the region. Following the acquisition, Prime Pensions now services around 11,000 retirement plans across its eight offices nationwide.

VFPM was established in 1998 as the retirement plan administration business of Valley Forge Financial Group, a provider of diversified financial services to high net worth and ultra-high net worth families. VFPM provides comprehensive, individualized retirement plan compliance and administration services to small and mid-sized businesses. The company is led by Dena Hadzinikolov and Luci Hartman, who will continue to lead the Pennsylvania region.

“I am thrilled to welcome Dena, Luci & the entire VFPM team to the Prime Pensions family. This strategic acquisition aligns perfectly with our mission to deliver a tailored, high-touch service offering to retirement plan sponsors across the U.S.,” said Prime Pensions’s founder and CEO Scott Feit, in a statement. “We look forward to working closely with Dena, Luci & the VFPM team as we execute on the numerous growth opportunities ahead.”

“We are excited to join the Prime Pensions family and look forward to the next chapter for VFPM. The strong cultural alignment between our two firms coupled with the capabilities PPI brings will enhance our ability to service our clientele and further develop the professionals in our firm,” said Dena and Luci in a joint statement.

Benesch Friedlander Coplan & Aronoff LLP served as legal advisor to Prime Pensions. MarshBerry served as advisor to Valley Forge Pension Management and Duane Morris LLP served as legal advisor to Valley Forge Pension Management.

Prime Capital Grows Wealth Management Side

Prime Capital Financial, formerly Prime Capital Investment Advisors, has added Felix Kwan to lead its wealth management division in Northern California.

Kwan joins Prime Capital Financial from Edelman Financial Engines, where he managed over $260 million in assets as an Executive Director.

Kwan spent his early career as a financial advisor with Waddell & Reed and MassMutual, before moving on to Fidelity Investments. Later, Kwan went on to become vice president in the Private Client Group where he primarily advised high-net-worth and ultra-high-net-worth clients. After six years at Fidelity Investments, Kwan spent 12 years at Edelman Financial Engines building his financial planning practice largely through client and prospect referrals. His clientele includes families, professionals, executives and retirees.

“Felix’s deep industry knowledge and unwavering dedication to his clients make him an invaluable addition to our team,” said Glenn Spencer, chief executive officer at Prime Capital Financial. “His proven track record of success, particularly with clients in the tech and healthcare industry demonstrates his ability to navigate complex financial landscapes and provide tailored solutions. Felix’s client-first philosophy and commitment to continuous improvement align perfectly with our mission to deliver personalized and forward-thinking financial planning services.”

Kwan earned his bachelor’s degree in finance from the University of Tennessee, Knoxville. He is a certified financial planner and holds additional certifications, including a DACFP Certificate in blockchain and digital assets from the Digital Assets Council of Financial Professionals.

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