Alera Group is carrying momentum from 2022 into the new year by adding $2.8 billion of assets under management through the acquisition of The Ascent Group.
The Deerfield, Illinois-based financial services conglomerate announced Wednesday morning that the deal would boost assets under management at two Alera divisions. Approximately $1.5 billion would be added to the registered investment advisor business Alera Group Wealth Services, and $1.3 billion will go to Alera Group Retirement Plan Services.
The acquisition of Virginia Beach, Virginia-based Ascent Group includes affiliated companies Summit Group and Walsh & Nicholson Financial Group.
The Ascent Group, created in 2021, employs 42 people, including 15 financial advisors.
The Ascent Group’s investment infrastructure includes a turnkey asset management platform developed in part to reduce overall client expenses by bringing critical functions in-house and eliminating vendors.
“We’re builders and what drew us to Alera Group is the opportunity to keep building a better system, faster, leaner, and more cost-effective for clients,” said co-founder Jeff Silverman in a statement.
“Now we can do so on a larger scale, reaching a larger number of advisors and investors,” Silverman added.
For Alera Group Wealth Services, the additional RIA assets of $1.5 billion add to approximately $6 billion in AUM to bring the firm's total to $7.5 billion at the end of 2022.
In August, after Alera Group announced three deals in as many months, company executives said the goal was to reach $10 billion under management within a year. And the company appears to be on track to meet that goal.
“The Ascent Group fits our strategy of providing synergies and strategic benefits across our employee benefits and property & casualty verticals to provide more holistic solutions for clients that can truly bridge gaps for both plan sponsors and participants,” Alera Group’s Christian Mango, executive vice president and retirement plan services practice leader, said in a prepared statement.
“We’re thrilled to welcome the team as a cornerstone member of our growing division,” he added.
From outstanding individuals to innovative organizations, find out who made the final shortlist for top honors at the IN awards, now in its second year.
Cresset's Susie Cranston is expecting an economic recession, but says her $65 billion RIA sees "great opportunity" to keep investing in a down market.
“There’s a big pull to alternative investments right now because of volatility of the stock market,” Kevin Gannon, CEO of Robert A. Stanger & Co., said.
Sellers shift focus: It's not about succession anymore.
Platform being adopted by independent-minded advisors who see insurance as a core pillar of their business.
RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.
As inheritances are set to reshape client portfolios and next-gen heirs demand digital-first experiences, firms are retooling their wealth tech stacks and succession models in real time.
