Consolidation continued this week in retirement plan advisement, as two firms continued to expand their footprints.
U.S. Retirement & Benefit Partners Inc. announced the acquisition of Pension Planning Consultants Inc., expanding USRBP’s retirement and benefits presence.
Founded in 1971, PPC is a New Mexico-based firm led by Tim Haist with more than 60 employees. The company provides retirement plan design consulting and third-party-administration services to more than 2,300 clients. The firm offers four in-house actuaries, catering to both defined benefit and defined contribution plans.
“Serving over 2,700 clients with over $3.5B in assets, Pension Planning Consultants has been one of the Southwest’s most successful third-party administration firms since its founding over 50 years ago,” says Peter Campagna, the managing partner in Wise Rhino Group, which represented PPC in the transaction. “Tim, Lisa and Joel have built a firm that focuses on each of their client’s unique needs while embracing technology and operational innovation.”
The deal marks another in a series this year for USRBP. In January, the Iselin, New Jersey-based company acquired a regional employee benefits broker in Rochester, New York. In May, it acquired a retirement book of business from a Midwestern financial services firm. In June, Chicago-based private equity firm Vistria Group LP completed a majority recapitalization of USRBP, with Kohlberg & Co. remaining as a minority investor.
In a separate announcement, Alera Group announced two acquisitions in Massachusetts: Berkshire Fairfield Insurance Agency and Scarafoni Financial Group, both based in Pittsfield. The acquisitions bolster Alera Group’s capabilities in employee benefits, property and casualty insurance, and retirement plan services.
The acquisitions add approximately $200 million in retirement plan assets under advisement to Alera’s retirement plan services division, which has about $200 billion in total client assets across retirement and wealth. The newly combined office will be led by senior partners Brian Tremblay and Matthew Scarafoni and will include a team of 18. Both the Berkshire Fairfield and Scarafoni teams will continue serving their clients in their existing roles.
“Berkshire Fairfield and ST Insurance focus on understanding their clients’ unique complexities and providing the right products and solutions to meet their needs,” Gary Piantedosi, managing director for the Alera Group’s Northeast region, said in a statement. “This approach aligns well with Alera Group’s collaborative philosophy, and we’re excited to grow together with their teams and clients.”