Independent RIA firm SageView Advisory Group announced that it has acquired two of the founders and managing partners of San Diego-based Retirement Benefits Group (RBG), along with their team.
The RBG team is an institutional retirement plan consulting group with $5.2 billion in assets under advisement (AUA), which also includes a growing wealth management business, representing $63 million in assets under management (AUM).
According to the announcement, RBG co-founders Tony Franchimone and Larry Deatherage will become managing directors at SageView Advisory Group and will be joined by Retirement Plan Consultant Cory McCarthy, Wealth Advisor Winston Ventura and Client Services Associate Rachel Hall.
“We have known Tony and Larry for many years and have great respect for the success they have achieved in working with institutional retirement plans and providing wealth management services,” SageView CEO Randy Long said in a statement. “Their team is a great cultural fit for SageView and contributes to our overall and institutional channel growth strategy.”
RBG was founded in 2010 to provide customized retirement plan consulting solutions, executive benefits and retirement management services to U.S. companies. It was recently named No. 13 on Barron's list of Top 50 Institutional Consulting Teams. The firm has been on the list five times since 2015.
“SageView's centralized support teams in practice management, advisory services, marketing and business development provide the support we need to continue our growth and success serving retirement plan sponsors,” Franchimone stated. “We will also be able to evolve our wealth management technology and operations with SageView.”
Added Deatherage, “We are thrilled to be joining SageView, and to work with individuals whose dedication to excellence matches our own. We are committed to doing what's best for our clients and believe they will benefit most of all from this transaction.”
Newport Beach, CA-based SageView advises on more than 1,900 defined contribution, defined benefit and deferred compensation plans in addition to providing wealth management consulting services. The firm acquired MJM401k of Arizona and Southern California in 2021, Channel Financial of Minnesota and kPlans Investment Services Inc. of California last year—and continues to identify new advisors who are a strong cultural and growth fit for SageView through acquisitions and recruiting.
The RBG acquisition is the ninth overall that SageView has announced since July 2021 and since it established a partnership with private equity firm Aquiline Capital Partners.
The transaction is expected to close on June 30, 2023.
