HUB International in talks to buy Sheridan Road, a $14 billion hybrid retirement plan group

The acquisition would be the biggest yet for Hub, a new aggregator in the retirement-plan advice market

Nov 16, 2018 @ 2:03 pm

By Greg Iacurci

Sheridan Road Financial, an advisory firm overseeing about $14 billion in retirement plan assets, is in talks to be acquired by insurance brokerage Hub International, according to two sources with knowledge of the discussions.

The deal hasn't yet been finalized, according to one of the sources, who requested anonymity.

Jim O'Shaughnessy and Daniel Bryant, managing partners at Sheridan Road, didn't return requests for comment. David Reich, national president of retirement services at Hub, also didn't return a request for comment.

Sheridan Road had $13.5 billion in defined-contribution assets and 20 retirement plan advisers as of March 31 this year, according to InvestmentNews data. The firm, a hybrid advisory firm based in Northbrook, Ill., also does some individual wealth management business.

If the deal goes through, it would be a major move for Hub, a new entrant into the retirement-plan advice market. The firm, which is majority-owned by private equity firm Hellman & Friedman, has traditionally bought groups specializing in employee benefits and property and casualty insurance. The firm hadn't entered the retirement plan market in a big way until September 2017, when it hired Mr. Reich to head its retirement unit. Mr. Reich was formerly an executive in LPL Financial's Retirement Partners group.

"This place has never really gone after the business, and now we are," Mr. Reich told InvestmentNews shortly after his hire. "There's a significant opportunity to grow in this space."

The firm — whose retirement business is smaller than Sheridan Road's, according to InvestmentNews data, with roughly $7 billion in DC-plan assets — announced a few substantial acquisitions within the past year. It acquired Summit Financial Corp., a $2.5 billion retirement group, in November 2017, and bought IPS Advisors, an $850 million firm, in February.

Unlike other buyers, Hub allows the firms it acquires to keep assets with their existing RIA and broker-dealer. Sheridan Road uses LPL as its broker-dealer, and launched its own RIA, Sheridan Road Advisors, earlier this year. It was formerly with the mega hybrid RIA Independent Financial Partners.

Hub reported total revenue of about $2 billion for the 12 months ended Sept. 30.


What do you think?

View comments

Most watched


How advisers can be a gamechanger for women investors

Why women defer to men when it comes to finances and how advisers can combat this phenomenon and make a difference for female investors, according to Heather Ettinger, founder and CEO Luma Wealth Advisors.


How the 2020 elections could impact ESG investing

Joseph Keefe, president of Impax Asset Management, on the elections and how advisers can build a bridge to the next generation of clients with ESG investing.

Latest news & opinion

Schorsch, AR Capital to pay $60 million to settle SEC charges

The former REIT czar and his firm wrongfully obtained millions linked to REIT mergers.

CFP Board postpones enforcement of its revised fiduciary standard

Board's new Code of Ethics and Standards to be enforced next June, in line with the SEC's Reg BI

Charles Schwab reportedly in talks to buy USAA brokerage, wealth management business

The deal would net Schwab roughly $100 billion in new assets.

Advisers scramble to help retirees navigate looming Fed rate cut

The Fed's first interest-rate cut in a decade has advisers warning against chasing the bait of risk over safety.


Hi! Glad you're here and we hope you like all the great work we do here at InvestmentNews. But what we do is expensive and is funded in part by our sponsors. So won't you show our sponsors a little love by whitelisting It'll help us continue to serve you.

Yes, show me how to whitelist

Ad blocker detected. Please whitelist us or give premium a try.


Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print