The CEO of the nation’s No. 2 recordkeeper says Empower’s focus will continue to be on a best-in-class user experience.
Tag: mergers and acquisitions
Empower will acquire Prudential’s DC, DB, non-qualified and rollover IRA business, in addition to its stable value and separate account investment products and platforms.
The practice remains as dedicated to providing top-notch retirement plan services as when it won the 2018 PLANSPONSOR Large Team Retirement Plan Adviser of the Year award.
Chubb is a provider of personal property and casualty insurance, while The Hartford also provides group employee benefits and mutual funds.
With the acquisition of Cammack’s $154 billion book of business, CAPTRUST now reports assets in excess of $600 billion; one leader at the firm says the growth is nowhere near finished.
For those looking to be acquired, growth is key, says a BNY Mellon Pershing executive.
Ascensus and Empower will take on parts of the 401(k) recordkeeping business, while OneDigital will assume the 401(k) investment advisory business.
A look at what worked particularly well in 2020 and that could keep propelling growth in 2021.
Beacon Pointe Advisors merges with CBD Wealth Management; Strategic Benefits Advisors hires leader of DB administration team; and Nationwide hires chief data officer.
Experts say it’s a seller’s market, and the consolidation of the industry will yield better services for retirement plan participants.
Larger, more established firms are acquiring wealth management and RIA firms.
The recordkeeper also notes that fee compression is largely driving the ongoing industry consolidation.
The transaction will increase Empower’s participant base to more than 12.2 million people and its retirement services recordkeeping assets to approximately $834 billion administered in approximately 67,000 workplace savings plans.
Personal Capital will be positioned to serve plan participants who seek a combination of digital and human advice while helping to accelerate the capture of rollovers and other out-of-plan assets, the firms say.
Between March and May, there were only 10 RIA transactions and two IBD deals, according to Fidelity.