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.
- Recent transactions have involved Lancaster-based Domani Wealth, Harrisburg-based FMA Advisoryand Lancaster-based ISI Financial Group.
- The consolidation is driven by several factors, including owners looking to retire, firms looking to achieve economies of scale, and private equity firms looking for returns in the financial advisory sector.
