Global insurance brokerage and financial services giant HUB International Limited (Hub) continued its acquisition spree Tuesday, announcing it has acquired GRP Financial California. The terms of the transaction were not disclosed.
Located in San Clemente, California, GRP Financial California provides retirement plan consulting services with a complete suite of services to both plan sponsors and investors. GRP Financial California manages more than $3.4 billion in assets as of September 30, 2021.
“The GRP Financial California team brings tremendous experience in managing retirement plans for plan sponsors and providing financial wellness services to help their employees plan for a successful financial future,” Joe DeNoyior, President of Hub Retirement and Private Wealth (RPW), said in a statement. “The team greatly enhances our presence and ability to bring Hub services to more businesses in California.”
Jason Jeskey, Austin Gwilliam, Kyle Posvistak, Principals, and the GRP Financial California team will join Hub California.
Hub’s high-profile acquisitions include Aegis Retirement Group, Epstein Financial Services, and StoneStreet Pearl River.
Hot M&A market
Dick Darian, CEO of M&A advisory firm Wise Rhino Group, provided eye-popping context for retirement plan industry consolidation overall, noting that 2020 and the first half of 2021 were the busiest periods in the history of retirement advisory M&A.
“Our data shows that from 2010 to 2017, there were anywhere from two to six acquisitions per year,” Darian said. “M&A was happening, but very slowly. In 2018, there were 17 retirement firm acquisitions, and then it went to 28 in 2019 and 34 in 2020. We project around 70 this year.”
Hub RPW works to help plan sponsors create an offering that aligns with their business strategy, navigates fiduciary risk, and helps employees pursue their financial goals. The several registered investment advisory affiliates in Hub RPW provide investment advisory services to clients whose total assets are approximately $105 billion.
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.
