Advisory M&A News – 11/6/23

Hub acquires Renaissance Benefit Advisors Group and Franklin Financial Group; CAPTRUST adds Normann Financial; and Mercer Advisors snags Singh Advisory.

Hub International Announces Acquisition
of Renaissance Benefit Advisors Group

Hub International Limited announced that it has acquired the assets of Renaissance Benefit Advisors Group LLC. Founder Ellen Lander and the RBA team will join Hub Mid-Atlantic. 

“The commitment of Ellen and the RBA team to being a trusted ‘fiduciary partner’ to their clients makes them an excellent fit for Hub as we continue to grow our presence in the Northeast,” Joe DeNoyior, Hub Retirement and Private Wealth President, said in a statement.

RBA, located in New York City and Atlanta, Georgia, is a retirement plan consulting and institutional investment advisory firm assisting retirement plan sponsors in managing their fiduciary responsibilities under ERISA and mitigating fiduciary liability risk. 

“We’re excited to be joining the Hub team,” said Lander in a statement. “They share our deep commitment to provide an unsurpassed level of proactive service, and we’re confident that they are the right choice in supporting us and our clients as we continue to grow.”

Hub also announced the acquisition of Franklin Financial Group LLC and Franklin Investment Group LLC (collectively, Franklin Financial Group). FFG is a financial services firm that assists businesses and individuals with employee benefits, insurance and other financial needs. Managing principals William Franklin, Haswell Franklin Jr., James Franklin, Henry Franklin, and the FFG team will join Hub Mid-Atlantic. 

“The Franklin Financial Group team brings amazing depth of experience across retirement plan management, wealth management solutions and employee benefits and insurance. They will be a great presence for us in the Baltimore area,” Joe DeNoyior, president of Hub Retirement and Private Wealth, said in a statement.

CAPTRUST Adds North Carolina’s Normann Financial

CAPTRUST Financial Advisors announced the addition of The Normann Financial Group, a Sanford, North Carolina-based retirement plan and wealth advisory overseeing more than $1.3 billion in assets.  

Normann Financial works with a variety of clients, including business owners, retirees, nonprofits and corporate retirement plans. The firm is led by founder Kel Normann, who started in the business in 2015, and includes nine additional colleagues that will join CAPTRUST. 

“As a longtime admirer of CAPTRUST, we know joining forces is the right move for the growth of our firm,” Normann said in a statement. “Our team looks forward to expanding in North Carolina and adding to the services available to our clients, from marketing to technology advances.”

This deal expands CAPTRUST’s footprint across North Carolina, with nearby Raleigh headquarters and existing offices in CharlotteGreensboro, and Wilmington. North Carolina has the largest CAPTRUST presence in the country, with more than 520 employees. The registered investment advisory has acquired 71 firms since 2006.

Mercer Advisors Acquires Singh Advisory, LLC

Mercer Global Advisors Inc., a wealth management and financial planning advisory, announced the acquisition of Singh Advisory LLC, a wealth management firm located in Denver, Colorado.

Singh Advisory was founded by Parshad Singh in 2018 and currently has assets under management of approximately $60 million.

“Having recently started my own RIA, and seeing the growth and future investment necessary to compete in our highly competitive industry, I decided to join an established firm that offered a panoply of professional services to clients, all under one roof, rather than building that myself,” Singh said in a statement.

Singh said Mercer Advisors was appealing for being a national family office RIA with dozens of in-house estate planning lawyers who address the estate planning needs of their clients. He noted that it employs a dedicated team of CPAs and other tax professionals to provide turnkey tax return preparation for their clients, as well as providing corporate trustee and other services in house.