NFP Corp., in conjunction with subsidiary Wealthspire Advisors LLC, on Wednesday announced an agreement to acquire a Richmond, Virginia-based firm that will add clients and capabilities in wealth management, retirement advisory, plan design and plan administration.
The deal, which is pending approval, would bring divisions of Actuarial Consulting Group Inc. and ACG Advisory Services Inc. into NFP’s retirement division and its registered investment advisory, Wealthspire Advisors. New York-based NFP did not disclose terms of transaction but expects the deal to close in the third quarter.
ACG Advisory will bring third-party administrator and corporate retirement plan advisory business to NFP’s Atlantic region retirement division, overseen by Jessica Espinoza, NFP’s managing director of retirement, according to the announcement.
“ACG’s significant presence in the retirement plan space makes this an exciting acquisition for NFP,” Espinoza said in a statement. “ACG’s TPA team will add scale to NFP’s Atlantic region and complement our existing operations.”
The deal comes shortly after NFP announced that Joel Shapiro was being elevated to president of the retirement division of the insurance and employee benefits aggregator. Shapiro’s promotion, announced May 18, elevated him from senior vice president for ERISA compliance, while former CEO Vince Giovinazzo and former president Nick Della Vedova left the firm to continue with roles heading flexPATH Strategies LLC and Retirement Plan Advisory Group, respectively.
ACG Advisory works with plan sponsors with both defined contribution and defined benefit plans, according to Wednesday’s announcement.
The firm’s wealth management team, which operates as an RIA, will be integrated into NFP’s Wealthspire. ACG Advisory, which oversees $1 billion in client assets, will become part of Wealthspire’s 20 offices in 12 states and 19-member investment team.
ACG’s CEO and president, J. Saunders “Sandy” Wiggins, will join Wealthspire as a managing director, according to the announcement.
“In joining NFP and Wealthspire, we’ll continue to provide the same services and care that our clients have known for decades but now with the support of a much deeper pool of resources,” Wiggins said in a statement.