NFP acquisition to bolster retirement and wealth management capabilities
NFP acquisition to bolster retirement and wealth management capabilities | Insurance Business America
Insurance News
NFP acquisition to bolster retirement and wealth management capabilities
Move will result in the formation of a new firm
Insurance News
By
Steven Byerley
Property-casualty broker NFP has announced its plans to acquire Actuarial Consulting Group, Inc. (ACG) and ACG Advisory Services, Inc. (ACG Advisory). The acquisition, which is subject to customary approvals and closing conditions, is expected to be completed in the third quarter of 2023.
ACG Wealth Management, a privately held firm operating in the Richmond, Va., area, will be collectively formed by integrating the operations of ACG and ACG Advisory. The move will enable NFP to offer comprehensive retirement advisory, plan design, and administration solutions to its plan sponsor clients.
ACG specializes in third-party administration and non-advisory consulting for both defined contribution and defined benefit plans. Its client base primarily consists of 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 of retirement at NFP.
Additionally, ACG Advisory, an independent registered investment advisor (RIA) with approximately $1 billion in assets, offering individual wealth management and corporate retirement plan advisory services, will be integrated into NFP and its subsidiary, Wealthspire Advisors.
The corporate retirement plan advisory component of ACG Advisory will become part of NFP’s Atlantic region retirement division, led by Espinoza. The wealth management component of ACG Advisory will integrate into Wealthspire.
“We’re thrilled to welcome ACG to Wealthspire,” said Mike LaMena, CEO of Wealthspire Advisors. “Their longstanding commitment to serving individuals, families, and business owners as a trusted financial partner aligns with our mission of making a positive impact. Their dedication to supporting charitable organizations and communities further strengthens our shared values.”
J. Saunders “Sandy” Wiggins, CEO and president of ACG, will join Wealthspire as a managing director. Wiggins said that joining forces with NFP and Wealthspire will empower ACG to maintain its commitment to clients with the added support of extensive resources.
Earlier this week, NFP announced the appointment of Hamid Abuzaid as leader of its Occupational Health & Safety Group. The company also recently tapped Andrew Perkins to head up its North American trade credit and political risk practice.
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