Edelman buys $1.5B New England retirement firm

investmentnews.com:

Less than a month after Edelman Financial Engines acquired PRW Wealth Management, it’s adding another firm to its arsenal.

New England Pension Plan Systems, a national, full-service retirement consulting firm based in Providence, Rhode Island, has been acquired byEdelman, one of the largest registered investment advisory firms, both companies announced Thursday.

NEPPS offers various levels of advisory and consulting services to employee and participant benefit plans. New England Investment Consultants, an RIA and affiliate of NEPPS, was also acquired in the transaction.

This transaction adds $1.5 billion in assets and over 500 clients to Edelman.

Sergio DeCurtis, CEO of NEPPS, said the firm has the same goals as Edelman.

“We promote the same client-first focus for our retirement plan clients and our individual wealth planning clients,” DeCurtis said ina statement. “Our shared approach to client service, education, financial planning, and investment management makes this a great fit. We look forward to partnering with EFE to drive growth and enhance services to both of our client bases.”

The transaction increases Edelman’s growing presence in the Northeast while expanding its business serving small employers with retirement plans.

It marks Edelman’s third acquisition for 2023, following its purchase PRW Wealth Management and of Align Wealth Management earlier this year. It also acquired Erman Retirement Advisory, Hermann & Cooke and Smart Investor late last year.

The deal is Edelman’s largest acquisition based on AUM since the firm began executing its current M&A strategy in 2021.

“As we continue to grow both organically and through acquisitions, we are seeing more demand from small business owners seeking advice on