PLANADVISER - Fall 2023 - 30
Mergers & Acquisitions
Inside the Deal
What can make a retirement and wealth M&A stick?
A GLOBAL pandemic. Market volatility. Rising interest
rates. Almost nothing seems to be stopping the rampant
merger and acquisition activity in the workplace retirement
advisory and wealth management space.
In June alone, PLANADVISER reported on acquisitions
of adviser firms that manage billions of dollars by
SageView Advisory Group, Hub International Ltd., OneDigital
Investment Advisers LLC, NFP Corp. and Cetera Holdings,
the last of which is an advisory network focused on
the individual client space.
Experts have been predicting
of factors in the market-including the higher cost of
borrowing money-would start to dent transaction volume.
According to M&A consultancy Wise Rhino Group, deal flow
in retirement and wealth had a modest decline last year,
but, through the first half of this year, came in strong " as
private capital continue[d] to chase the independent retirement
and wealth advisory space. "
But acquisitions do not necessarily mean sustained
success and growth for the acquired firm or its new parent.
How are the aggregators managing all this inflow? And,
perhaps more important, how are they seeking to make the
deals stick for the long term?
Joe DeNoyior, president of Hub Retirement and Wealth
Management, in Chicago, says the answer is in the aggregator
or broker/dealer identifying an advisory practice that is
the right fit for that larger entity's needs, but that is also one
with a growth plan that will be fed and supported by joining
its acquirer-in his case, Hub, with its network of retirement,
wealth, insurance and employee benefit offerings. " By
bringing those folks into our organization, does it allow them
to continue to grow-even add fuel to their growth? " he says.
" That is absolutely key for it to be a success. "
Expanding the Circle
DeNoyior came from the retirement plan advising side
of the business, joining Hub in 2019 when it acquired his
Washington Financial Group.
Many acquisitions of retirement advisories-which, like
DeNoyior's WFG, often already have some wealth management-stem
from a connection with or knowledge about
the potential adviser target, with the acquirer and acquiree
often being from the 401(k) circle.
OneDigital-which also has been rapidly expanding in
recent years-too looks for partners that see the benefit of
joining a larger firm that can help fuel their growth.
" We are very intentional, because we want to make sure
that people joining our organization take advantage of the
things we can provide and that would make them more effective
and efficient, " says Carrie Ohm, vice president, corporate
30 planadviser.com | Fall 2023 | Practice Management
Art by Alfonso de Anda
PLANADVISER - Fall 2023
Table of Contents for the Digital Edition of PLANADVISER - Fall 2023
At the Core
A Need to Show Value
The Talent Pipeline
Inside the Deal
Are They Legally Binding?
The SEC on Cybersecurity
From Managing to Leading
Can You Predict Client Stress?
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PLANADVISER - Fall 2023 - FC1
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PLANADVISER - Fall 2023 - At the Core
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PLANADVISER - Fall 2023 - A Need to Show Value
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PLANADVISER - Fall 2023 - The Talent Pipeline
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PLANADVISER - Fall 2023 - Inside the Deal
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PLANADVISER - Fall 2023 - Demand Performance
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PLANADVISER - Fall 2023 - Are They Legally Binding?
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PLANADVISER - Fall 2023 - The SEC on Cybersecurity
PLANADVISER - Fall 2023 - 37
PLANADVISER - Fall 2023 - From Managing to Leading
PLANADVISER - Fall 2023 - Can You Predict Client Stress?
PLANADVISER - Fall 2023 - 40
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