JULY Business Services announced that it has entered into an agreement with Heartland Financial USA subsidiary Dubuque Bank and Trust Company, and its division HTLF Retirement Plan Services (HTLF) to acquire its recordkeeping and administration business.
The transaction is JULY’s third of 2023, serving as part of an ongoing initiative to accelerate growth through strategic acquisitions that value cultural fit and organizational talent to help grow the company’s market-ready capabilities.
HTLF’s team of credentialed employees provides retirement plan services to small- and mid-sized companies with an emphasis on high-touch service and customized plan designs. Core recordkeeping and administration team members are joining JULY in similar roles, strengthening JULY’s team and ensuring HTLF clients maintain consistent service from familiar faces, according to the firm’s announcement.
In addition, HTLF Retirement Plan Services will continue to support clients in its capacity as advisor and 3(38) investment fiduciary and is partnering with JULY to expand offerings to support future growth.
“We are thrilled to bring such a talented group of employees into the JULY family,” states JULY CEO John Humphrey. “With over 20 credentialed employees experienced in serving slightly larger clients than JULY’s average plan, this transaction will help us enhance our service model for our current book of mid-size clients. We are also glad to have the opportunity to support HTLF’s ongoing sales and future growth efforts via a co-branded suite of retirement products we built in tandem with the HTLF team.”
“By partnering with an experienced recordkeeper like JULY, HTLF is enhancing its service model for our clients. JULY and its team specialize in 401(k) recordkeeping which allows us to focus more on our strength as investment advisors and fiduciaries,” adds Randy Martinez, SVP and Director of Operations at HTLF. “The JULY partnership will also allow us to introduce new technology, expanded services, and enhanced tools for employers and participants.”
With this transaction, JULY serves more than 7,000 clients and $9.6 billion in plan assets.