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.
Why two advisory practices decided to sell and become part of a larger benefits broker and a wealth management company.
Two newly announced acquisitions bring $2 billion in new client assets.
However, fewer RIAs and fee-based advisers expect consolidation to increase in the next 12 months, compared to five years ago.
The specialist retirement plan and private wealth advisory firm has been acquired by HUB International Limited.
The firm will continue to supports the needs of the military community and their families.