Hub International picks up $4.6 billion retirement plan adviser

Hub International picks up $4.6 billion retirement plan adviser
The firm is buying Austin, Texas-based Trusted Capital Group, which has about 750,000 plan participants in its book of business.
JUL 07, 2021

Hub International has added $4.6 billion in assets under management through the recent purchase of TCG Group Holdings’ operating subsidiaries, the firm announced today.

The acquisition is one of several the insurance brokerage and financial-services firm has made this year, including $2.4 billion Atlanta-based retirement plan consulting firm Plan Sponsor Consultants; $500 million Memphis, Tennessee-based firm Aegis Retirement Group; $400 million East Longmeadow, Massachusetts-based RIA Epstein Financial; and $1.6 billion Foxborough, Massachusetts-based plan consultant IBG Financial Partners.

TCG, which does business as Trusted Capital Group, is based in Austin, Texas and has about 750,000 plan participants in its book of business, Hub stated in its announcement. TCG provides wealth management, retirement planning, institutional advisory and other services to retirement plans for schools, local governments and small- and medium-sized businesses.

With the acquisition, TCG staff are joining Hub Retirement and Private Wealth, including: CEO John Pesce, president Jeff Montgomery, chief operating officer Scott Hauptmann and chief marketing officer Chris Jamail.

Hub’s Retirement and Private Wealth unit advises on about $105 billion in assets, according to the firm.

In March, Hub announced a new defined-contribution service for small businesses and startups, seeking to expand on the workplace benefits and insurance relationships it has with about 600,000 corporate clients. At the time, Hub reported having about 10,000 retirement plans in its book of business.

Latest News

SEC bars ex-broker who sold clients phony private equity fund
SEC bars ex-broker who sold clients phony private equity fund

Rajesh Markan earlier this year pleaded guilty to one count of criminal fraud related to his sale of fake investments to 10 clients totaling $2.9 million.

The key to attracting and retaining the next generation of advisors? Client-focused training
The key to attracting and retaining the next generation of advisors? Client-focused training

From building trust to steering through emotions and responding to client challenges, new advisors need human skills to shape the future of the advice industry.

Chuck Roberts, ex-star at Stifel, barred from the securities industry
Chuck Roberts, ex-star at Stifel, barred from the securities industry

"The outcome is correct, but it's disappointing that FINRA had ample opportunity to investigate the merits of clients' allegations in these claims, including the testimony in the three investor arbitrations with hearings," Jeff Erez, a plaintiff's attorney representing a large portion of the Stifel clients, said.

SEC to weigh ‘innovation exception’ tied to crypto, Atkins says
SEC to weigh ‘innovation exception’ tied to crypto, Atkins says

Chair also praised the passage of stablecoin legislation this week.

Brooklyn-based Maridea snaps up former LPL affiliate to expand in the Midwest
Brooklyn-based Maridea snaps up former LPL affiliate to expand in the Midwest

Maridea Wealth Management's deal in Chicago, Illinois is its first after securing a strategic investment in April.

SPONSORED How advisors can build for high-net-worth complexity

Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.

SPONSORED RILAs bring stability, growth during volatile markets

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.