HUB International has acquired the assets of McLean, Virginia-based Washington Financial Group, a firm led by CEO Joe DeNoyior.
“We’ve been driven to work with the leaders and advisors that are at the cutting edge of what is happening in our space, moving our industry forward, getting better results for our clients and employees throughout our careers,” explains DeNoyior. “We are fortunate to continue that trajectory with HUB.”
DeNoyior is Partner in charge of WFG’s retirement plan group, which services more than 150 qualified plans. He’s also secretary of the American Retirement Association, and, from 2015-2016, was president of the National Association of Plan Advisors (NAPA).
“Our vast network of clients is asking for help, not only with managing the plans, but also helping their employees reach better outcomes,” said David Reich, National President, Hub Retirement and Private Wealth. “WFG has demonstrated leadership and a commitment to excellence in driving better solutions not just for employers, but for hard-working employees as well. Joe, Jeff (WFG President Jeff Hamblen) and their team are a great fit for Hub, they truly are leaders in the space.”
“We are excited to be part of the Hub team given their expertise, resources and technology to help our clients pursue their financial objectives, coupled with a commitment to provide an unsurpassed level of proactive service to each of our clients,” DeNoyior continues. “One of the most attractive things for us is HUB’s culture. It is entrepreneurial and inclusive. It supports the approach of letting us run our business, keeping our clients’ best interest always in the forefront.”
Denoyior will join Hub Mid-Atlantic, working with Reich and collaborating heavily with Charles Brophy, HUB President and CEO, Regional President, U.S. East, according to the press release.
It’s another big move in the retirement space for insurance brokerage Hub International, which acquired the $14 billion in assets of Sheridan Road Financial in January, and was recently reported to have reached an agreement to buy Global Retirement Partners, a $40.1 billion registered investment adviser that serves as LPL Financial’s largest retirement-focused branch.
The transaction – noted as taking place “on or about September 15, 2019” was disclosed in a recent filing with the Securities and Exchange Commission, and reported by InvestmentNews. That filing indicated that GRP’s senior management team – CEO Geoff White, chief operating officer Russell Frierson, and president and chief compliance officer Cosmo Gould – would remain in place after the sale.
Will this be the last big retirement move for HUB? Not likely.
