HUB International Limited (Hub) has acquired the assets of Direct Advisors, LLC., the latest in a growing line of 401k advisory and benefits consulting firms targeted by the insurance giant.
“Its construction industry focus fits with Hub’s Specialty practices ‘by complementing and strengthening its existing capabilities.'”
Latham, New York-based Direct Advisors, provides benefit plan consulting and third-party administrative services to non-union construction companies subject to the Davis-Bacon Act, Service Contract Act, and state prevailing wage regulations.
Its construction industry focus fits with Hub’s Specialty practices “by complementing and strengthening its existing capabilities,” according to Hub.
“The Direct Advisors team brings a distinct benefit with ERISA advisory consulting to our Construction Specialty practice that is an excellent fit for Hub,” Joe DeNoyior, president of Hub Retirement and Wealth Management (RPW), said in a statement.
“With Direct Advisors on our team, it gives us the ability to leverage their expertise for Hub’s Construction Specialty practice and accelerate growth for both Hub and Direct Advisors,” said Kirk Chamberlain, Executive Vice President and Chief Marketing Officer of Hub’s Construction Specialty. “This is an exciting partnership for Hub, and we will provide our clients with access to unique tools and expertise around prevailing wage claims for publicly funded projects.”
Thomas Santa Barbara, president and co-founder, and Jeff Bennet, co-founder, and the Direct Advisors team will join the Hub RPW team in New York.
Wise representation
Wise Rhino Group represented Direct Advisors in the transaction.
“Tom and Jeff have been innovators in the Prevailing Wage consulting space for more than 20 years, building a platform of proprietary systems and trust administration that focuses on serving their clients’ unique needs,” Wise Rhino’s Peter Campagna said. “Partnering with HUB, an industry-leading construction and public sector insurer creates a national powerhouse uniquely positioned to more comprehensively serve their clients.”
Wise Rhino Group provides M&A Advisory Services for Retirement & Wealth Advisory, TPA, and Financial Services Industry Technology Firms.
With more than 20 years serving financial markets, John Sullivan is the former editor-in-chief of Investment Advisor magazine and retirement editor of ThinkAdvisor.com. Sullivan is also the former editor of Boomer Market Advisor and Bank Advisor magazines, and has a background in the insurance and investment industries in addition to his journalism roots.
