Alera Group Wealth Services has added $1.5 billion in client assets with the acquisition of Johnson Brunetti, a retirement and investment specialist with eight East Coast offices. The firm also oversees another $1.5 billion in annuity and insurance assets.
This is the third deal since June for the wealth management division of private equity-backed Alera Group, which led its wealth management division into the acquisition business in June when it quadrupled its assets by buying $3.5 billion Wharton Business Group.
That deal was followed by the purchase in July of DFG 401(k) Advisors, a Phoenix-based retirement plan firm advising on $500 million.
The latest acquisition by Deerfield, Illinois-based Alera puts it on track to follow an aggressive commitment to inorganic growth. In June, Alera’s executive vice president and wealth services practice leader Tina Hohman said the goal was to “be at about $10 billion under management in the next year or so.”
While the wealth management division is new to the RIA acquisition game, the parent company is well seasoned.
Alera was formed in 2017 when 24 employee benefit firms combined with the backing of private equity firm Genstar Capital. Since then, Alera Group has completed more than 150 deals across its other three divisions.
With its employee benefits, property and casualty, and retirement plan services divisions gaining scale and a national footprint, the company’s next target for growth is wealth services.
Regarding the latest deal, Hohman said, “Johnson Brunetti has a distinctive model and compelling growth story. We’re not looking for RIAs that fit some cookie-cutter model. We’re looking to grow by embracing a wide range of niches that complement each other.”
Based in Wethersfield, Connecticut, Johnson Brunetti was founded in 2005 and has become a well-known brand in Connecticut and the Northeast region through its educational programs and sponsorship agreements, including its role as official wealth management partner of the UConn Huskies. Johnson Brunetti focuses on retirement and investment services for a mass affluent audience.
“Our education-based model has helped us serve thousands of clients, and now as part of Alera Group Wealth Services we anticipate reaching many more, both in our current footprint and elsewhere,” managing partner Joel Johnson said in a statement. “We anticipate leveraging Alera Group’s expertise in mergers and acquisitions in addition to back-office, technology and centralized investment services.”
With a fifth of RIA firms using AI to create marketing content, one leading voice argues a clear identity and focusing on clients will be crucial to success.
LPL Financial is a bellwether for the broader financial advice marketplace.
The San Francisco-based startup's Series A funding, with support from Schwab and Edward Jones Ventures, will reinforce its role in the coming $124 trillion wealth transfer.
The quartet of deals across New York, Florida, Ohio, and New Mexico reinforces the fast-growing integrator's leading position in the independent space.
UBS and Wells Fargo have made their own additions in the Northeast, including a Massachusetts duo defecting from Commonwealth.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
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.
