SageView Advisory Group acquired kPlans Investment Services an $825 million firm that offers retirement plan consulting with a specific focus on defined benefit and cash balance plans, as well as wealth management.
The addition of kPlans, previously Pensionmark LA, “supports SageView’s M&A growth strategy in partnership with private equity firm Aquiline Capital Partners.”
SageView said its strategy continues to position the firm as the leading provider of comprehensive financial planning solutions at the intersection of wealth management and retirement for individuals and families across the country.
kPlans is the fifth firm to join SageView since July 2021.
“The addition of the kPlans team bolsters our industry-leading retirement practice during a period of significant growth and expansion for our entire company,” Randy Long, SageView’s Founder and CEO, said in a statement. “We look forward to fostering the team’s continued success in delivering outstanding results to their clients.”
Steve Sansone founded kPlans in 2005 and will become a Managing Director at SageView. Sansone said SageView’s Senior Management team, industry reputation, and unique advisor support model, among other factors, made the firm an attractive partner for his team and clients.
“The industry is clearly moving towards the intersection of retirement and wealth,” Sansone said. “SageView not only has the vision and the tools to effectuate positive change in this new paradigm but also the actual and intellectual capital to make a substantial impact in the lives of our clients and their employees.”
Wise Rhino Group served as an advisor to kPlans. The terms of the transaction were not disclosed.
“Steve and his team have built an incredibly strong retirement consulting and wealth management practice in Southern California,”- Peter Campagna, Partner at Wise Rhino Group, said. “He has also been one of the industry’s leading experts on cash balance plans for many years. SageView continues to add to their already impressive capabilities and this new partnership is a perfect match.”
Wise Rhino Group provides M&A advisory services for retirement and 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.
