NFP to Acquire Virginia-based Actuarial Consulting Group and ACG Advisory Services, Expanding its Retirement and Wealth Management Capabilities and Scale
Deal adds talent, clients to NFP's Atlantic region retirement presence and Wealthspire Advisors, an NFP company and RIA
NEW YORK, June 7, 2023 /PRNewswire-PRWeb/ -- NFP, a leading property and casualty broker, benefits consultant, wealth manager, and retirement plan advisor, in conjunction with its subsidiary, Wealthspire Advisors, an independent registered investment advisor (RIA) firm, today announced a signed agreement to purchase Actuarial Consulting Group, Inc. (ACG) and ACG Advisory Services, Inc. (ACG Advisory). The transaction is expected to close in the third quarter of 2023, subject to customary approvals and closing conditions.
Collectively, the two entities do business as ACG Wealth Management, a privately held firm based in the Richmond, Virginia area. The combined operations of the two entities will provide NFP plan sponsor clients with comprehensive retirement advisory, plan design and administration solutions.
ACG, a third-party administrator (TPA) and non-advisory consultant, focuses on both the defined contribution and defined benefit plan spaces. Its client base centers on ACG Advisory's plan sponsor clients. ACG will be integrated into NFP's Atlantic region retirement division under the leadership of Jessica Espinoza, managing director, Retirement, NFP.
"ACG's significant presence in the retirement plan space makes this an exciting acquisition for NFP," said Espinoza. "ACG's TPA team will add scale to NFP's Atlantic region and complement our existing operations. We look forward to integrating members of the ACG team and working together to serve our retirement clients."
ACG Advisory, an independent RIA with approximately $1 billion in assets and capabilities in both individual wealth management and corporate retirement plan advisory, will be integrated into NFP and Wealthspire.
The corporate retirement plan advisory component of ACG Advisory will be part of NFP's Atlantic region retirement division under Espinoza's leadership. The wealth management component of ACG Advisory will integrate into Wealthspire.
"We're delighted to welcome ACG to Wealthspire," said Mike LaMena, CEO of Wealthspire Advisors. "They have a long history of serving individuals, families and business owners as a trusted financial partner. In addition to the team's dedication to clients, their strong commitment to supporting charitable organizations and giving back to communities aligns with our purpose of broadening impact."
ACG's CEO and president, J. Saunders "Sandy" Wiggins, will join Wealthspire as a managing director.
"ACG's priority has always been to take care of people through every stage of their lives and across multiple generations," said Wiggins. "In joining NFP and Wealthspire, we'll continue to provide the same services and care that our clients have known for decades but now with the support of a much deeper pool of resources."
ACG's wealth management clients will benefit from Wealthspire's scale, including its 19-member investment team, 20 offices across 12 states, sophisticated technology, and robust middle and back-office support.
Park Sutton Advisors, a Waller Helms Company, served as financial advisor to ACG and Spotts Fain PC served as legal counsel.
About NFP
NFP is a leading property and casualty broker, benefits consultant, wealth manager, and retirement plan advisor that provides solutions enabling client success through the expertise of over 7,400 global employees, investments in innovative technologies, and enduring relationships with highly rated insurers, vendors, and financial institutions. NFP is the 9th best place to work for large employers in insurance, 7th largest privately-owned broker, 5th largest benefits broker by global revenue and 13th largest broker of US business (all rankings according to Business Insurance).
Visit NFP.com to discover how NFP empowers clients to meet their goals.
About Wealthspire Advisors
Wealthspire Advisors is an independent registered investment advisor with 20 offices in 12 states throughout the Northeast, Mid-Atlantic, Midwest, and West Coast. We are fiduciary advisors who value connecting all parts of a client's financial life to deliver thoughtful, collaborative strategies that optimize their finances and fulfill their aspirations. Wealthspire Advisors acts as a wealth manager, investment advisor, consultant, and constant partner in helping clients gain confidence in their financial futures. For more information on Wealthspire Advisors, please visit http://www.wealthspire.com.
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Wealthspire Advisors LLC is a registered investment adviser and subsidiary company of NFP Corp.
Media Contact
Josh Wozman, NFP, 415-318-6441, [email protected]
SOURCE NFP
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