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Edelman Financial Buys $1.5B Retirement Firm

News December 14, 2023 at 02:48 PM
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Edelman Financial Engines announced Wednesday that is acquiring New England Pension Plan Systems, the retirement plan consulting firm, as well as New England Investment Consultants, its affiliated registered investment advisor.

New England Pension Plan Systems is a national retirement plan consulting firm that provides advisory and consulting services to employee benefit plans and their participants.

Both entities are headquartered in Providence, Rhode Island, and have the majority of their joint clients in New England. The firms serve some $1.5 billion in assets under management across more than 500 clients, making this Edelman Financial's largest acquisition (based on AUM) since the firm started purchases in 2021.

In addition to serving retirement plans, New England Pension Plan Systems also provides personalized comprehensive financial planning and investment management to individuals, trusts, estates and charitable organizations.

Suzanne van Staveren, Edelman Financial's chief financial offer and chief operating officer, said the expertise and capabilities that New England Pension Plan Systems has in the retirement plan consulting space will be a "perfect complement" to the broader advisory platform the firm is building, including through the development of its Momentum 401(k) advisory service.

"As we continue to grow both organically and through acquisitions, we are seeing more demand from small business owners seeking advice on managing their companies' retirement plans," Staveren said. "The addition of NEPPS adds to the strong existing foundation we have in providing the workplace with personalized retirement advice at scale."

Sergio DeCurtis, CEO of New England Pension Plan Systems, said his firm looks forward to "partnering with EFE to drive growth and enhance services" for both client bases.

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