SageView Advisory Group, a Newport Beach, California-based registered investment adviser which oversees more than $175 billion in pension and plan assets, will acquire Summit Financial Consultants, a Westlake Village, California-based retirement planning firm managing $321 million.
Terms of the acquisition, which is expected to close by July 31, were not disclosed.
The agreement with Summit Financial Consultants is the sixth that SageView has announced since July 2021, and closely follows recent retirement and wealth management acquisitions, SageView said in a press release Tuesday.
Also, Orion has added BlackRock, Fidelity, and Vanguard to its custom portfolios suite, and RedBlack has set up a new headquarters after crossing a trillion-dollar milestone.
Also, New York-based Legacy Edge Advisors names its first-ever CEO, while Novare Capital Management hires a Vanguard veteran with a multigenerational planning focus.
Asset managers are racing to bring private market products to retirement plans, but cost and liquidity concerns linger.
Treasury's latest tax-exemption crackdown on private schools lands in the wake of a separate push to restrict refundable credits for some immigrant filers.
Workforce trust measures predicted which companies came out ahead during COVID-19. The same dynamic may now be playing out across the AI transition — and the data suggests the spread could be just as wide.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
