New York, June 7, 2023 - NFP, a leading property and casualty broker, benefits consultant, wealth manager, and retirement plan advisor, in conjunction with its subsidiary, Wealthspire Advisors, an independent registered investment advisor (RIA) firm, today announced a signed agreement to purchase Actuarial Consulting Group, Inc. (ACG) and ACG Advisory Services, Inc. (ACG Advisory). The transaction is expected to close in the third quarter of 2023, subject to customary approvals and closing conditions.
Collectively, the two entities do business as ACG Wealth Management, a privately held firm based in the Richmond, Virginia area. The combined operations of the two entities will provide NFP plan sponsor clients with comprehensive retirement advisory, plan design and administration solutions.
ACG, a third-party administrator (TPA) and non-advisory consultant, focuses on both the defined contribution and defined benefit plan spaces. Its client base centers on ACG Advisory's plan sponsor clients. ACG will be integrated into NFP's Atlantic region retirement division under the leadership of Jessica Espinoza, managing director, Retirement, NFP.
"ACG's significant presence in the retirement plan space makes this an exciting acquisition for NFP," said Espinoza. "ACG's TPA team will add scale to NFP's Atlantic region and complement our existing operations. We look forward to integrating members of the ACG team and working together to serve our retirement clients."
ACG Advisory, an independent RIA with approximately $1 billion in assets and capabilities in both individual wealth management and corporate retirement plan advisory, will be integrated into NFP and Wealthspire.
The corporate retirement plan advisory component of ACG Advisory will be part of NFP's Atlantic region retirement division under Espinoza's leadership. The wealth management component of ACG Advisory will integrate into Wealthspire.
"We're delighted to welcome ACG to Wealthspire," said Mike LaMena, CEO of Wealthspire Advisors. "They have a long history of serving individuals, families and business owners as a trusted financial partner. In addition to the team's dedication to clients, their strong commitment to supporting charitable organizations and giving back to communities aligns with our purpose of broadening impact."
ACG's CEO and president, J. Saunders "Sandy" Wiggins, will join Wealthspire as a managing director.
"ACG's priority has always been to take care of people through every stage of their lives and across multiple generations," said Wiggins. "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."
ACG's wealth management clients will benefit from Wealthspire's scale, including its 19-member investment team, 20 offices across 12 states, sophisticated technology, and robust middle and back-office support.
Park Sutton Advisors, a Waller Helms Company, served as financial advisor to ACG and Spotts Fain PC served as legal counsel.