Less than a month after Edelman Financial Engines acquired PRW Wealth Management, it's adding another firm to its arsenal.
New England Pension Plan Systems, a national, full-service retirement consulting firm based in Providence, Rhode Island, has been acquired by Edelman, one of the largest registered investment advisory firms, both companies announced Thursday.
NEPPS offers various levels of advisory and consulting services to employee and participant benefit plans. New England Investment Consultants, an RIA and affiliate of NEPPS, was also acquired in the transaction.
This transaction adds $1.5 billion in assets and over 500 clients to Edelman.
Sergio DeCurtis, CEO of NEPPS, said the firm has the same goals as Edelman.
“We promote the same client-first focus for our retirement plan clients and our individual wealth planning clients,” DeCurtis said in a statement. “Our shared approach to client service, education, financial planning, and investment management makes this a great fit. We look forward to partnering with EFE to drive growth and enhance services to both of our client bases.”
The transaction increases Edelman’s growing presence in the Northeast while expanding its business serving small employers with retirement plans.
It marks Edelman’s third acquisition for 2023, following its purchase PRW Wealth Management and of Align Wealth Management earlier this year. It also acquired Erman Retirement Advisory, Hermann & Cooke and Smart Investor late last year.
The deal is Edelman’s largest acquisition based on AUM since the firm began executing its current M&A strategy in 2021.
“As we continue to grow both organically and through acquisitions, we are seeing more demand from small business owners seeking advice on managing their companies’ retirement plans. The addition of NEPPS adds to the strong existing foundation we have in providing the workplace with personalized retirement advice at scale,” Suzanne van Staveren, executive vice president, CFO and COO at Edelman, said in a statement.
According to the statement, Edelman plans to have “ongoing conversations with strong potential partners into the new year.”
Edelman Financial Engines oversees $245 billion in assets for $1.3 million customers.
Despite a lighter regulatory outlook and staffing disruptions at the SEC, one compliance expert says RIA firms shouldn't expect a "free pass."
FINRA has been focused on firms and their use of social media for several years.
RayJay's latest additions bolster its independent advisor channel's presence across Pennsylvania, Florida, and Washington.
The deal ending more than 30 years of ownership by the Swiss bank includes six investment strategies representing more than $11 billion in AUM.
Divorce, widowhood, and retirement are events when financial advisors may provide stability and guidance.
How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave
From direct lending to asset-based finance to commercial real estate debt.
