Deals & People May 8, 2023

Advisory M&A

Hub International acquires Red Rock Financial; Hightower makes Strategic Investment in Ten Capital Wealth Advisors; Wealth Enhancement Group adds Heacock & Jones; and more.

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Hub International Acquires Red Rock Financial

Hub International Ltd. announced it has acquired the assets of Red Rock Financial Inc.

Founded in 2004, Red Rock Financial provides specialty insurance products and services to financial institutions nationwide.

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“Hub gives us the size, scope, and additional resources of being part of a larger specialty focused organization,” said Jeff Stuepfert, president of Red Rock Financial, in a statement. “By joining forces, we will be able to offer our clients an expanded range of products and services, while still providing the same level of expertise and customer service that they have come to expect from us.”

Red Rock Financial will join Hub Financial Services, Hub’s banking financial institution division. The acquisition is part of Hub’s growth strategy to expand its presence in the financial institutions space.

Hightower Makes Strategic Investment in TEN Capital Wealth Advisors

Hightower announced it has made a strategic investment in Ten Capital Wealth Advisors.

Ten Capital Wealth Advisors is a $1 billion firm based in Spokane, Washington and founded by Tim Mitrovich  in 2012. The name “Ten Capital” is a nod to his grandfather’s football jersey number and honors his legacy of service.

“We conducted an extensive search to find the right firm that would support our growth with a strong platform, a firm that also understood how important it was to maintain our special client experience,” said Mitrovich in a statement.

“Ten Capital has a vibrant culture that aligns perfectly with our focus on ‘well-th’ and putting relationships at the center of financial decisionmaking,” said Bob Oros, Hightower’s chairman and CEO, in a statement. “We are excited to partner with a firm focused on both legacy and forward-thinking growth.”

Summit Financial Welcomes Debut of Great Lakes Private Wealth

Summit Financial LLC is expanding its regional footprint with the launch of Great Lakes Private Wealth. 

Headquartered in Farmington Hills, Michigan, the newly established practice is led by founder and chief investment officer Daniel Murphy. He previously spent more than 10 years at Wells Fargo and more than 30 at UBS.

“Summit Financial will empower us to provide an even higher level of client service that can help our clients navigate today’s ever-changing economic environment and thus, their financial lives,” said Murphy in a statement.

“Dan has been in business for 41 years, just like Summit, and I think it’s far more than coincidence that our paths have crossed,” said Stan Gregor, Summit Financial CEO, in a statement. “Longevity like that comes from a strong culture of client service and relationship-driven financial advice, and Dan brings the highest level of experience and integrity to his work.”

Wealth Enhancement Group Adds Heacock & Jones

Wealth Enhancement Group LLC announced the acquisition of Heacock & Jones Financial Services Inc.

“After 23 years as a private, independent firm, we are excited about partnering with Wealth Enhancement Group,” said Paul Heacock, president of Heacock & Jones Financial Services, in a statement. “Our firm was built for and around our clients, and our commitment to our clients will never change.”

Founded in 2000, Heacock & Jones specializes in providing investment management, tax planning, retirement planning, estate planning and more. The independent registered investment adviser is located in Dubuque, Iowa, and oversees more than $355 million in client assets.

“By partnering with our firm, the team at Heacock & Jones Financial Services will have access to additional resources and tools, allowing for an even more elevated financial approach built around their clients’ unique goals,” said Jeff Dekko, Wealth Enhancement Group’s CEO, in a statement.

Deals & People May 8, 2023

October Three Consulting Acquires Retirement Learning Center

October Three expects its plan approach and thought leadership to combine well with RLC’s educational resources and guidance for advisers.

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October Three Consulting LLC, a Chicago-based actuarial, consulting and technology firm specializing in a “modern defined benefit” offering, is set to acquire the Retirement Learning Center, the two firms announced in a joint statement Monday.

“We’ve always worked with advisers, but RLC’s advice offering is really focused on the adviser community and helping them grow their practices,” says Jeff Stevenson, October Three’s president and CEO. “We’re very good at the technology, and we’re very good at working with advisers on understanding plans and transparency with exiting plans. …. RLC is the natural extension of that work. It’s essentially a help desk where advisers can call in with questions and get support.”

October Three recently launched a product called O3 Prime, a kind of hybrid retirement plan that consists of two accounts running side-by-side: a 401(k) plan funded by the employee and a cash balance pension plan funded by the employer.

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Through this acquisition, October Three will maintain the Retirement Learning Center brand, and October Three Consulting will continue to focus on delivering actuarial consulting, design and administration of retirement plans, according to the announcement.

“We are delighted to be part of October Three,” said Andy Larson, co-founder of RLC and its director of retirement education, in a statement. “Their passion for supporting the advisor community is consistent with our business purpose. Combined with their commitment to technology and innovation we see incredible growth in our product offering and the support we can provide to our customers.”

Founded by Larson and John Carl in 2003, Brainerd, Minnesota-based RLC offers ERISA and IRA consulting services to the financial services industry. Carl unexpectedly passed away in 2022.

“We have been a big admirer of John Carl and the entire RLC team for many years,” Stevenson said in a statement. “In acquiring RLC it is our intention to honor the legacy of John by investing in the wonderful business he created and continuing to serve the advisor community with excellence and passion.”

Stevenson says October Three will be working to present a new, integrated platform to advisers who use RLC in September. That integration will provide RLC with access to data from October Three’s thought leadership, a large database of existing plans, and retirement plan analytics, among other resources.

O3 Edge, a prospecting solution, will also be integrated into RLC’s offering. O3 Edge will provide the firm’s clients with more resources, tools and 24/7 access to educational and prospecting materials, according to October Three.

“Our grander vision is to ensure that all Americans feel prepared to retire both financially and emotionally,” Stevenson says. “A lot of that comes through one-on-one contact with the adviser community, fulfilling our grander vision and getting us closer to that idealistic state.”

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