Hub International Ltd., a publicly traded global insurance brokerage and financial services firm based in Chicago, announced this week it has acquired WealthPlan Advisors in Scottsdale, Ariz.
A registered investment advisor providing retirement plan and investment consulting, WealthPlan manages more than $2.3 billion in assets for nearly 600 clients.
The entire WealthPlan team will join the Hub Southwest region and will be co-branded as WealthPlan Advisors, a Division of Hub Retirement and Wealth Management. Terms of the transaction were not disclosed.
"Joining Hub is an exciting new chapter for our firm," said WealthPlan President Scott Schlappi. "Hub continues to grow in the retirement and wealth planning space, and the amount of talent, resources and tools they have is a win for us and will greatly benefit our clients."
“[The WealthPlan leadership team] are financial services industry veterans who have combined their deep and diverse talents to build a very special advisory business over the last 13 years,” said Peter Campagna, partner at M&A consulting firm Wise Rhino Group, which represented WealthPlan in the transaction.
“They understood earlier than most the advantages around leveraging their retirement advisory business in building a successful scaled wealth advisory practice,” he said. “Hub continues to execute well on its strategy of attracting and merging multi-disciplinary advisory talent in key major markets.”
According to Hub Retirement and Wealth Management President Joe DeNoyior, the firm’s priority is on acquiring talent that fits its strategic goals for the retirement and wealth business. “We are not out just buying revenue,” he said, “the firms that join us need to bring uniqueness to our offering and share our values as it relates to client service and the entrepreneurial nature of Hub.”
"WealthPlan Advisors will be a tremendous asset to our clients and will allow us to continue expanding our retirement and wealth planning services in the Southwest and across the U.S."
Hub has acquired 24 retirement and private wealth–related firms since 2021, but this marks only its second in the nation’s Southwest in two years. Following the acquisition of Scottsdale-based retirement advisors JP Griffin in late 2021, Hub also added an insurance firm in New Mexico earlier this year.
"Expanding our retirement and wealth advisory services in our region is of critical importance as we continue to add value for our clients and as their needs continue to grow," said Randy Perkins, president of Hub Southwest.
“This new combination will make Hub a formidable player in the region,” said Campagna.