In its first push in the retirement market, MJ Insurance has acquired ProCourse Fiduciary Advisors—a partnership that “enables the firms to offer a holistic approach to wellness and include retirement plan advisory services.”
ProCourse, an independent RIA, specializes in managing retirement plans and financial wellbeing programs, working with employers to make strategic decisions to move the needle and improve financial outcomes. ProCourse founder and CEO Doug Prince will continue to serve as CEO of the firm, with the entire team of 13 remaining in its Carmel, IN location.
MJ Insurance, a commercial and personal insurance, risk management and employee benefits consulting agency, has grown from a two-person start-up in 1964 to an agency with more than 170 employees. It serves clients in more than 16 countries and in every U.S. state.
“We believe the marketplace will begin moving away from a siloed approach toward employee benefits, retirement and compensation management and will evolve to an integrated total rewards philosophy,” stated Andy Vetor, Executive Vice President of MJ Insurance. “The merging of our firms allows us to uniquely address total rewards consulting via an integrated approach to data analytics that to this point has not been effectively introduced to employers and their associates.”
ProCourse and MJ have been close partners for nearly a decade and have a shared vision for the future, a client-centric mindset and a commitment to giving back in the communities in which they live and work, according to the firms. Both are based in Indiana, although MJ also has a Phoenix office. “The synergies and cultures of our two firms is what makes this partnership so ideal,” Prince explained. “Our combined goal is to make a difference in people’s lives—not solely from a retirement planning, benefits and financial wellness standpoint—but addressing total wellness. This move will allow us to take the shared client experience to the next level.”
This is, of course, just the most recent move into the retirement space with advisory firm acquisitions (see Team Spirit), following moves by organizations such as OneDigital and HUB, both of which have continued to expand their footprint with subsequent advisory firm acquisitions.
While the transaction closed on June 30, 2021, it was just announced on August 3. Wise Rhino Group advised on the transaction. “Doug and Brea have built a successful practice and award-winning team that does a terrific job advising their clients,” commented Wise Rhino Partner Peter Campagna. “The comprehensive fiduciary services and core focus on participant engagement and financial wellbeing has made ProCourse a leader in the industry, making them a fantastic partner to lead MJ Insurance’s corporate retirement and individual wealth advisory efforts. Our team at Wise Rhino Group was honored to advise ProCourse during the process.”
