HUB International acquired AFS 401(k) Retirement Services and its parent, AFS Financial Group, M&A advisory firm Wise Rhino Group (WRG) announced Monday. Terms of the transaction were not disclosed.
AFS 401(k) is led by 2021 National Association of Plan Advisors (NAPA) Past President Alex Assaley. Founded in 1988, AFS Provides “forward-thinking” retirement plan consulting and wealth management services to companies, organizations, individuals, and families. The firm is located in Bethesda, Md. and supports mid- and large-sized organizations in managing employer-sponsored retirement plans and financial wellness programs.
AFS received recognition as a NAPA Top DC Advisor Team in 2022.
“We are thrilled to be part of the Hub team—gaining access to their size, scale, resources, and technology to continue delivering industry-leading and reliable services to our clients, helping them work toward a successful financial future and guiding them to make the best decisions for today, tomorrow and their long-term retirement goals,” Assaley said in a statement.
“AFS has been one of the most innovative and forward-thinking firms in the financial services industry for many years,” Peter Campagna, a partner with Wise Rhino Group, added. “Alex and Alp [Atabek] were one of the earliest adopters of an integrated service model by providing both high level retirement plan consulting and individual wealth management for their clients. They were also pioneers in the financial wellness space, by building dynamic participant engagement technology almost completely from scratch. HUB has thoughtfully constructed one of the strongest platforms in the industry and they are a perfect partner for the AFS team to continue serving their clients and expand their services.”
“AFS’ reputation and relationships will help us continue the strategic expansion of our retirement and wealth management services,” Hub Retirement and Private Wealth President and American Retirement Association (ARA) Immediate Past President Joe DeNoyior concluded. “We are enthusiastic about our future together and excited to have their entire team join HUB. Their passion to help clients shows in everything they do.”
