HUB International Limited (Hub) announced that it has acquired the assets of Latham, NY-based Direct Advisors, LLC, further boosting its retirement advisory practice.
According to the Sept. 7 announcement, Direct Advisors provides benefit plan consulting and third-party administrative services to non-union construction companies that are subject to the Davis-Bacon Act, Service Contract Act, and state prevailing wage regulations. Direct Advisors’ focus on the construction industry supports Hub’s Specialty practices by complementing and strengthening its existing capabilities.
“The Direct Advisors team brings a distinct benefit with ERISA advisory consulting to our Construction Specialty practice that is an excellent fit for Hub,” stated Joe DeNoyior, President of Hub Retirement and Wealth Management (RPW).
“With Direct Advisors on our team, it gives us the ability to leverage their expertise for Hub's Construction Specialty practice and accelerate growth for both Hub and Direct Advisors,” adds Kirk Chamberlain, Executive Vice President and Chief Marketing Officer of Hub's Construction Specialty. “This is an exciting partnership for Hub, and we will provide our clients with access to unique tools and expertise around prevailing wage claims for publicly funded projects.”
President and co-founder Thomas Santa Barbara, and co-founder Jeff Bennet, along with the Direct Advisors team will join the Hub RPW team in New York.
While the terms of the transaction were not disclosed, Direct Advisors was represented by the Wise Rhino Group for the transaction.
