After a busy week of acquisition announcements, Hub International Limited has another one to start this week.
This morning’s announcement involves the assets of Denver-based Inter-Mountain Retirement Partners, Inc. (MRP). MRP – which has a second office in Salt Lake City, UT, works with more than 250 organizations and over 50,000 employees and individuals nationwide. Chad J. Larsen, President and CEO of MRP, has been recognized as 2018 and 2019 Barron’s Top Institutional Consultants, 2018; 2019 Financial Times Top 401 Advisors; and has previously served as co-chair of the NAPA 401(k) Summit.
Terms of the transaction were not disclosed.
“MRP is dedicated to helping clients implement and manage retirement plans that lead to meaningful retirement outcomes for all employees,” said David Reich, National President, Hub Retirement and Private Wealth. “Chad and his entire ownership team and all of their incredible employees are a great addition to the Hub family, and they will help us improve our retirement planning and financial wellness capabilities for our clients and those they care about.”
“Joining the Hub Retirement and Private Wealth team will allow us to continue to grow and add valuable services for existing clients that would have been impossible for us to obtain on our own,” said Larsen. “This is a team that I know well, and we are very excited about continuing to drive positive changes in the industry.”
Larsen will join Hub Colorado, working with Reich and collaborating heavily with Tim Blanchard, President of Hub Colorado.
Hub Hubbub
There was quite a hubbub this past week about a series of acquisition announcements from Hub International Limited. The firm launched the week with the news that it had acquired the assets of McLean, VA-based Washington Financial Group, a firm led by CEO Joe DeNoyior, followed on Tuesday by the news that it had acquired the assets of StoneStreet Pearl River LLC, a firm led by Barbara Delaney. Then on Wednesday, Hub announced it had acquired the assets of New York City-based EPIC Retirement Services Consulting, LLC.
DeNoyior is currently secretary of the American Retirement Association, and, from 2015-2016, served as NAPA President. Delaney, who is currently a member of NAPA’s Leadership Council, has consistently been recognized as a NAPA Top Woman Advisor. StoneStreet was the recipient of the 2016 NAPA 401(k) Advisor Leadership Award. EPIC’s co-founder Eva Kalivas was named as one of NAPA's Top Women Advisors in the Captains category in both 2017 and 2018.
Hub closed out the week with the Thursday announcement of its acquisition of WhartonHill Retirement Services, LLC, Strategic Planning Resources, Inc. and Karen McCloskey (collectively doing business as WhartonHill Advisors), and Friday’s news that the assets of New York City-based Perennial Pension & Wealth had been acquired.
Despite the burst of acquisition announcements, it wasn’t the first big move into the retirement space. Hub 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. In March, Hub announced that it had acquired the assets of Peak Financial Group, LLC in Houston, TX, which had more than $1 billion in retirement assets serviced as of February 2019.
