A new month usually means new deals announced in the retirement planning space, and August is no different with HUB International Limited and Edelman Financial Engines each announcing acquisitions today.
Chicago-based Hub, a leading full-service global insurance brokerage and financial services firm, announced that it has acquired the assets of Scottsdale, Ariz.-based WealthPlan Advisors, LLC. Terms of the transaction were not disclosed.
WealthPlan Advisors is an independent investment advisor providing retirement plan and investment consulting, with nearly 600 clients with assets of more than $2.3 billion as of March 2022.
“Expanding our retirement and wealth advisory services in our region is of critical importance as we continue to add value for our clients and as their needs continue to grow,” said Randy Perkins, President of Hub Southwest.
“We are excited to welcome the whole WealthPlan Advisors team and clients to Hub,” said Joe DeNoyior, President of Hub Retirement and Wealth Management. “WealthPlan Advisors will be a tremendous asset to our clients and will allow us to continue expanding our retirement and wealth planning services in the Southwest and across the U.S.”
The WealthPlan Advisors team will join the Hub Southwest region.
“Joining Hub is an exciting new chapter for our firm,” said Scott Schlappi, President of WealthPlan Advisors. “Hub continues to grow in the retirement and wealth planning space, and the amount of talent, resources and tools they have is a win for us and will greatly benefit our clients.”
WealthPlan Advisors was represented by Wise Rhino Group for the transaction.
Edelman acquires RIA Smart Investor
Boston-based Edelman Financial Engines today announced the acquisition of Smart Investor, a fiduciary Registered Investment Advisor that provides comprehensive financial planning and investment management services. The transaction closed Aug. 1, 2022.
Headquartered in Roseville, Calif., with a second office in Woodland, Calif., Smart Investor manages over $680 million for more than 500 individual clients and also offers retirement plan management to small businesses. In a statement, EFE said the transaction expands its strong presence in an attractive Northern California market and adds to its capabilities to better serve the retirement plan needs of small businesses.
“Smart Investor has built a tremendously successful RIA because of its unwavering commitment to clients, and we are thrilled to welcome its advisors and team to Edelman Financial Engines,” said Jason Van de Loo, executive vice president and head of Wealth Planning and Marketing, Edelman Financial Engines. “In our current backdrop of historic inflation, rapidly rising interest rates and market volatility, the need for high-quality, independent financial planning that is centered on the client’s best interests has never been greater. Together with the Smart Investor team, we can help more individuals and families navigate through these uncertain times and build a strong financial future.”
“Philosophical alignment is so important to us when considering acquisitions, and it was clear early on that our firms were founded on the same principles—to provide the highest fiduciary standard of care to clients and to help them achieve all their wealth planning goals,” added Suzanne van Staveren, executive vice president and chief financial officer, Edelman Financial Engines. “The addition of Smart Investor’s talented financial advisors and capabilities strengthens our team and supports the compelling growth opportunity we see for the firm, both organically and through continued acquisitions.”
Baker McKenzie served as EFE’s counsel in connection with the transaction. Keating and Lyden, LLC served as Smart Investor’s counsel and Republic Capital Group acted as an advisor.
SEE ALSO:
• HUB Continues Hot Acquisition Streak with CSi Advisory Purchase
• Workplace Financial Wellness Platform Debuts at Edelman Financial Engines