Virginia-based The Ascent Group and affiliated companies were acquired by Alera Group, adding approximately $1.5 billion within Alera Group Wealth Services’ registered investment advisor (RIA) business and $1.3 billion within Alera Group Retirement Plan Services.
For Alera Group Wealth Services, the additional RIA assets of $1.5 billion adds to approximately $6 billion AUM for a total of $7.5 billion to end 2022, according to the firm’s announcement.
The Ascent Group’s affiliated companies include Virginia-based Summit Group, led by Jeff Silverman, and Pennsylvania-based Walsh & Nicholson Financial Group, led by Brian Walsh. Overall, The Ascent Group employs 42 associates including 15 financial advisors. The firm was created in 2021 by Silverman and Walsh together with CEO Michael Moss, who oversees development and marketing of the firm’s proprietary investment infrastructure.
“Jeff, Brian and Mike came together last year because they saw a way to pursue better client outcomes through an innovative investment infrastructure and a client-driven service model,” said Tina Hohman, Alera’s executive vice president and wealth services practice leader. “We expect to leverage what they built in-house across a much larger context.”
The Ascent Group’s investment infrastructure includes a turnkey asset management program (TAMP) developed in part to reduce overall client expenses by bringing critical functions in-house and eliminating vendors.
“We’re builders and what drew us to Alera Group is the opportunity to keep building a better system—faster, leaner, and more cost-effective for clients,” said co-founder Jeff Silverman. “Now we can do so on a larger scale, reaching a larger number of advisors and investors.”
Christian Mango, Alera Group’s executive vice president and retirement plan services practice leader, added, “The Ascent Group fits our strategy of providing synergies and strategic benefits across our employee benefits and property & casualty verticals to provide more holistic solutions for clients that can truly bridge gaps for both plan sponsors and participants. We’re thrilled to welcome the team as a cornerstone member of our growing division.”
The Ascent Group was represented by the Wise Rhino Group (WRG) in the deal. Terms of the transaction were not disclosed.
The new Alera-Ascent partnership is indicative of a growing trend in the M&A world, WRG noted in a separate statement. “National insurance brokerage powerhouses have been with increasing frequency, acquiring wealth focused practices to cross sell with their existing retirement consulting and high net worth insurance businesses. Wealth managers are finding fertile ground to accelerate the growth of their business as part of these rapidly scaling firms.”
