SageView Advisory Group will acquire the founding team of Retirement Benefits Group, bringing on its retirement plan consulting capabilities and wealth management.
RBG co-founders Tony Franchimone and Larry Deatherage will become managing directors at SageView, bringing on $5.2 billion in assets under administration and $63 million in assets under management, according to an announcement from Newport Beach, California-based SageView. Franchimone and Deatherage, who started RBG in 2010, will be joined by retirement plan consultant Cory McCarthy, wealth adviser Winston Ventura and client services associate Rachel Hall.
“We have known Tony and Larry for many years and have great respect for the success they have achieved in working with institutional retirement plans and providing wealth management services,” Randy Long, SageView’s CEO, said in a statement.
SageView did not disclose terms of the deal or address where other members of the RBG team will be going. The transaction is expected to close on June 30.
The acquisition is SageView’s ninth since July 2021, when private equity firm Aquiline Capital Partners took a majority stake in the firm with the stated goal of bringing together retirement services and wealth management, as well as expanding financial wellness offerings. Earlier this year, the firm launched its own financial wellness and education platform for participants.
SageView currently advises on more than 1,900 defined contribution, defined benefit and deferred compensation plans, in addition to providing wealth management services. The firm continues to identify new advisers who are a “strong cultural and growth fit” through acquisitions and recruiting, according to the announcement.
San Diego-based RBG provides retirement plan consulting solutions, executive benefits and retirement management services.
“SageView’s centralized support teams in practice management, advisory services, marketing and business development provide the support we need to continue our growth and success serving retirement plan sponsors,” Franchimone said in a statement. “We will also be able to evolve our wealth management technology and operations with SageView.”
RBG has more than a dozen other team members not addressed in the announcement, located in 13 offices around the U.S., according to the firm’s website.