Deals & People January 9, 2012

NFP Acquires AGS Benefits Group

National Financial Partners Corp., a provider of benefits, insurance and wealth management services, acquired AGS Benefits Group, LLC (AGS Benefits).
Reported by

Simultaneously with this acquisition, NFP acquired the management company of Dreyfuss & Birke, Ltd. (NFP Dreyfuss & Birke), a wholly-owned subsidiary of NFP since 2003, and combined NFP Dreyfuss & Birke with AGS Benefits. This combination establishes a major NFP-branded corporate benefits presence in New York.

These transactions closed on January 3.

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The managing directors will be William Austin, Jordan Gray and Markum McCormick, managing directors of AGS Benefits; along with Paul Schnell, president of NFP Dreyfuss & Birke. They will report to Ed O’Malley, president of NFP Corporate Client Group.

“As a part of NFP for many years, we are thrilled to combine with AGS Benefits under the NFP brand in order to expand and improve our client offering and better coordinate our growth initiatives,” Schnell said.

Products January 9, 2012

The Principal Expands Investment Fiduciary Services

 

The Principal Financial Group expanded its investment fiduciary support to include ERISA 3(21) and 3(38) fiduciary services. 

 

Reported by

The fiduciary services will be provided by Wilshire Associates Inc. The new services will enhance current support by providing a level of fiduciary protection for selection and monitoring of investment options for retirement plans.

All financial professionals will have the option of making these Wilshire-supplied services available to their clients, including RIAs, who may wish to supplement their current services to clients.

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The 3(21) and 3(38) fiduciary services:

• Include coverage across multiple plan types;

• Complement the due diligence process already in place for hiring and monitoring managers of Sub-Advised Investment Options available through The Principal; and

• Are flexible, allowing the fiduciary to choose from services that address the following areas of concern: Broad Range Requirement under 404(c); Qualified Default Investment Alternatives and Prudent monitoring on an investment-by-investment basis.

The financial protection available through Wilshire covers plan sponsors. A level of indemnification protection through Principal Life Insurance Company may extend to financial professionals whose clients use ERISA 3(21) and/or 3(38) fiduciary services provided by Wilshire.

In addition, to further assist financial professionals and their clients, The Principal also created a new fiduciary guide that explains in practical terms what it means to be a fiduciary under Section 3(21) or an investment manager under Section 3(38).

 

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