The acquisition of Perennial Pension & Wealth, an independent broker/dealer and registered investment adviser, is Hub International’s fifth acquisition to be announced in just the last week.
Hub’s acquisition activity is clearly focused on the retirement plan advisory and wealth management space. Well-established firms acquired already this week include EPIC Retirement Services, Washington Financial, StoneStreet and WhartonHill. None of the parties have disclosed the financial terms of their transactions.
“Perennial Pension & Wealth is committed to understanding the unique needs of their clients, defining their goals and helping them feel more confident about their financial future,” says David Reich, national president, Hub retirement and private wealth. “They are a great addition to our advisory team and will enhance our retirement planning and wealth management services for all types of businesses and individuals.”
Bob Krieger, the founder and CEO of Perennial Pension & Wealth, will join Hub Northeast, reporting to Reich and collaborating extensively with Paul Collins, president and CEO of Hub Northeast. Reflecting on what the acquisition means for the firm he founded, Krieger says his team will be able to expand its offerings and have a greater positive financial impact on “many more lives and families.”
“This partnership with Hub will allow us to expand our resources and commitment to our existing clients,” he says.
A Big Week (and Year) for Retirement Industry M&A
The deals announced by Hub International this week are just the latest in a flurry of retirement advisory industry M&A transactions closed in 2019. Hub itself kicked off the year of acquisition activity by announcing early in January that it would purchase Sheridan Road, the PLANSPONSOR 2015 Retirement Plan Adviser Multi-office Team of the Year.
Beyond Hub’s activity, Cerity Partners acquired Blue Prairie Group, and CAPTRUST has been on a buying streak of its own, with a clear focus on merging the retirement and wealth sides of the business. One firm that was brought most recently into CAPTRUST is Watermark Asset Management, based outside of San Francisco, which handles individual client accounts with a high-touch approach and has $400 million in assets under advisement across nearly 400 clients. On the other hand, the newly acquired Rogers Financial, out of Harrisonburg, Virginia, is an institutional advisory firm that advises on more than $2.5 billion in assets for 35 retirement plans.
Amid this M&A activity, independent shops seeking to remain solo continue to affiliate with entities such as GRP Advisor Alliance and Resources Investment Advisors LLC. These firms offer scalable back-office support and access to many of the client-facing solutions a CAPTRUST or Hub can bring to bear.