Life insurance provider and wealth manager Integrity Marketing Group has agreed to acquire Gladstone Wealth Partners, an advisory firm with more than $13 billion in assets under management.
As part of the acquisition, Gladstone’s founder and chairman, Robert Hudson, and CEO Richard Frick will become managing partners in Integrity.
Integrity did not disclose financial terms of the acquisition, which is scheduled to close upon regulatory approval.
The purchase arrives a week after Integrity agreed to acquire Annexus, an insurance and financial product design and distribution company, also for an undisclosed amount.
Hudson, a former independent financial adviser, founded Gladstone in 2012, and the firm, a hybrid that's affiliated with LPL Financial, has grown steadily since then. Over the past three years, Gladstone has significantly expanded its asset base, resulting in a 108% compound annual growth rate, according to a statement from Integrity.
“Gladstone’s wealth management expertise combined with Integrity’s strength in marketing, technology and product distribution will give rise to far-reaching new solutions, Bryan Adams, co-founder and CEO of Integrity, said in a statement. "The impact we’ll make together will change our clients’ lives for the better.”
“Just like Integrity, we understand that advisers need specialized support as independent advocates for their clients — and we’re dedicated to ensuring their success,” Gladstone’s Hudson said. “Through this partnership, we can deliver enhanced technology and a full suite of products and services to our advisers in order to meet the spectrum of clients’ needs now and well into the future.”
Many of Gladstone’s existing advisers will become equity owners in Integrity through this transaction, Gladstone CEO Frick said, which will enable them to participate in the future appreciation of the combined business.
Ardea Partners served as exclusive financial adviser to Gladstone.
Blue Anchor Capital Management and Pickett also purchased “highly aggressive and volatile” securities, according to the order.
Reshuffle provides strong indication of where the regulator's priorities now lie.
Goldman Sachs Asset Management report reveals sharpened focus on annuities.
Ahead of Father's Day, InvestmentNews speaks with Andrew Crowell.
Cerulli research finds nearly two-thirds of active retirement plan participants are unadvised, opening a potential engagement opportunity.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today’s choppy market waters, says Myles Lambert, Brighthouse Financial.
How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave
