The deal, which culminates 8 months of analysis and due diligence, will close on or about March 15, 2007, the firms said.
William Cvengros, Chairman of NRP, said, in a company announcement, that the acquisition “completes a critical step to further NRP’s strategy to acquire approximately 50 plus retirement advisory practices from within our expected network of approximately 150-200 affiliated Member Firms.’
NRP is a network of retirement plan advisers at 79 Member Firm offices nationwide that provides advisory services for over 2,500 retirement plans with over $24 billion in assets. NRP advisers who choose to transition to Oberlin will be able to accept fiduciary responsibility for plan sponsor investment advice, will get dealer concession payouts which reflect the efficiency of institutional business, have access to streamlined rollover services for job changers and retirees, and compliance supervision which specializes in the retirement plan market, according to the release.
More information about the entities can be found at www.n-r-p.com and www.oberlinonline.com.