Integrated Partners, a hybrid registered investment advisory and large enterprise of LPL Financial overseeing more than $15 billion in client assets, has launched an in-house insurance business led by Peter Kaplan, former First American Insurance Underwriters vice president.
Integrated Insurance Solutions, a separate legal entity providing bespoke life insurance policies for wealthy and family office clients, was created largely due to the impending sunset of the 2017 Tax Cuts and Jobs Act, which essentially doubled lifetime estate and gift tax exemptions, indexed to inflation. The estate tax exemption, set to expire at the end of 2025, stands at $12.9 million per person and $25.8 million for a married couple in 2023.
The exemption for couples will drop to around $12 million on Jan. 1, 2026, according to Integrated CEO Paul Saganey.
Saganey, who has an estate planning background, said insurance products can play an important role in covering anticipated estate taxes.
“To the extent you can't plan around every single dollar of taxation, having Peter's expertise in the insurance division means that we can now provide liquidity when it's needed,” Saganey said.
Previously, Integrated outsourced insurance business to firms like Kaplan’s.
“That's why we kind of dusted off and put the insurance division back together and brought in Peter Kaplan,” Saganey said, noting that he and Kaplan have enjoyed a professional relationship going back 20 years.
The nascent division has already saved one family close to $1 million in premiums by creating a policy inside a trust and successfully mitigated an additional $4 million in federal estate taxes for the same family, according to the firm.
“On the cases I've worked with Peter, he has saved many millions of dollars in taxation and provided many millions of liquidity, which the families will need when their tax bills come due,” said Saganey. “In a very short period of time, he's made a tremendous impact.”
Prior to his time with First American, Kaplan served as director of business development for The Coyle Company, director at life insurance provider 21st Services and CEO of financial services business consulting firm Financial Productivity Group.
In the new role, Kaplan will work with Integrated advisors, the firm’s extensive network of CPA partners, and clients to develop personalized insurance plans.
“He now has an audience of probably 400 CPA/financial advisors that all have clients that will be facing these challenges,” said Saganey.
At the same time, Integrated announced that Josh Benson, a former vice president of business development for Orion Advisor Tech, will serve as vice president of strategic relationships. In the newly created role, he will act as a liaison between the firm’s service areas—including investment management, financial planning, business owner solutions, family office services, retirement planning, and corporate and group benefits—and its network of advisors. Benson will also work to streamline services, identify potential gaps in advisors’ business models and help execute on growth plans.
“[Benson] is really good at eliminating problems, helping advisors focus on their most important goals going forward, and then understanding how to nurture those goals,” said Saganey.
Founded in 1996 and based in the greater Boston area, Integrated has seen accelerated growth in recent years driven by the CPA Alliance, new affiliation models, a recent entrance into the M&A space and organic growth. The firm has doubled assets since 2019 from $8 billion to around $16 billion today. Integrated comprises about 60 affiliated partner firms, 210 advisors and more than 170 CPAs serving clients in 116 regional offices.
“What’s most exciting about our firm is the fact that we help advisors partner with CPAs,” said Saganey. “Then these CPA partners give our advisors access to their wealthier clients.
“Our growth is a direct result of us expanding our CPA program nationally and adding high quality, very successful advisors to plug into these accounting firms,” he said. “You’ve got CPAs that have clients that need financial advice. We've got financial advisors wanting to work with wealthier clients. Put that all together and, not only has it been a great four or five years, but as we look forward, we see significant growth ahead.”