Raymond James Financial announced plans Thursday to acquire NWPS Holdings, a retirement plan administrator based in Seattle. The brokerage plans to use the acquisition to expand its retirement services offerings to advisors and end clients. It also expects the offering to be a compelling draw for prospective recruits.
Terms of the deal were not disclosed.
The NWPS name will live on within Raymond James Financial Private Client Group, with President and CEO Tim Wulfekuhle continuing to lead that group. The deal, expected to close by the end of the year, brings more than $35 billion in plan assets and over 400,000 participants to Raymond James. Raymond James will retain NWPS’ 160 employees.
The news comes in the wake of the Setting Every Community Up for Retirement Enhancement (SECURE) Act, enacted in January 2020, a sweeping reform of this nation’s retirement plan system.
“The timing is opportune as the industry prepares for new solutions created by this year’s SECURE Act, such as pooled retirement arrangements, and increases the investable market for employer and employee small business solutions,” the firm said in a statement.