When a wealth management advisory gets bought by a property & casualty brokerage, the owner of the acquired firm could stay on four, seven or even 10 years after the sale.
“Many sellers want to stay involved post-sale by assuming leadership positions and maintaining their entrepreneurial spirit,” said Mike Goldman, president and chief operating officer of NFP, which recently acquired Newport Private Wealth. “It makes good business sense for the buyer to enable this and ensure the seller aligns with the company culture and becomes fully integrated across the ecosystem of the firm.”
Rob Taylor, executive vice-president of retirement with Hub International, sold his firm, TRG Group Benefits & Pensions, to Hub International 3.5 years ago. After the deal closed, Taylor initially figured his runway would be five years. Now, a few years in, he sees his runway extending another six years.
For more information, check out What happens to wealth advisors when P&C brokers buy them out? in our sister publication, Canadian Underwriter.