Brokerage buys capital-area advisory firm

A Harrisburg-area financial advisory has joined the wave of consolidation washing over the industry.

  • Comprehensive Financial Associates, based in Susquehanna Township, has been acquired by insurance and benefits brokerage AssuredPartners, according to a press release from Wise Rhino Group, the M&A firm that advised Comprehensive Financial.
  • Terms of the transaction were not disclosed. But it also includes an affiliate of Comprehensive Financial, Pennsylvania Pension Planners.

Who’s the seller: Comprehensive Financial and PA Pension are led by Eric Pettis.

  • Together, they have about $1.45 billion in assets under management, according to Wise Rhino.
  • The companies serve individuals, business owners, pension/retirement plans, nonprofits and other institutions. 

Who’s the buyer: AssuredPartners is an expanding, Orlando, Florida-based provider of insurance and employee benefits.

  • The firm, which has offices around the U.S., is one of the country’s largest insurance brokerages, with annual revenue of about $2.5 billion, according to trade pub Insurance Journal.
  • In early 2021, the company bought Lancaster-based brokerage Murray Insurance Associates
  • In addition to the Red Rose city, AssuredPartners operates offices in Lititz, Mechanicsburg and Quarryville.
  • Founded in 2011, the firm is backed by Chicago-based private equity firm GTCR

Why is this happening: AssuredPartners is building out its expertise in financial services, according to Wise Rhino partner Peter Campagna. 

  • “The CFA and PPP teams are perfect additions,” Campagna said. 

The trend: Comprehensive Financial is one of several regional advisory firms to be acquired in the last couple of years.


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