Adds nearly $3 billion of assets under management
January 04, 2023 10:00 AM Eastern Standard Time–DEERFIELD, IL–(BUSINESS WIRE)–Alera Group, a top independent, national insurance, wealth and retirement plan services firm, today announced the acquisition of Virginia Beach-based The Ascent Group and affiliated companies. The acquisition adds significant assets under management to two Alera Group divisions: approximately $1.5 billion within Alera Group Wealth Services’ registered investment advisor (RIA) business and $1.3 billion within Alera Group Retirement Plan Services.
The Ascent Group’s affiliated companies include Virginia-based Summit Group, led by Jeff Silverman, and Pennsylvania-based Walsh & Nicholson Financial Group, led by Brian Walsh. Overall, The Ascent Group employs 42 associates including 15 financial advisors. The firm was created in 2021 by Silverman and Walsh together with Michael Moss, its CEO, who oversees development and marketing of the firm’s proprietary investment infrastructure. For Alera Group Wealth Services, the additional RIA assets of $1.5 billion adds to approximately $6 billion AUM for a total of $7.5 billion to end 2022.
“We Are Builders”
“Jeff, Brian and Mike came together last year because they saw a way to pursue better client outcomes through an innovative investment infrastructure and a client-driven service model,” said Tina Hohman, executive vice president and wealth services practice leader. “We expect to leverage what they built in-house across a much larger context.”
The Ascent Group’s investment infrastructure includes a turnkey asset management program (TAMP) developed in part to reduce overall client expenses by bringing critical functions in-house and eliminating vendors. “We’re builders,” said co-founder Jeff Silverman, “and what drew us to Alera Group is the opportunity to keep building a better system—faster, leaner, and more cost-effective for clients. Now we can do so on a larger scale, reaching a larger number of advisors and investors.”
Alera Group’s Christian Mango, executive vice president and retirement plan services practice leader, said, “The Ascent Group fits our strategy of providing synergies and strategic benefits across our employee benefits and property & casualty verticals to provide more holistic solutions for clients that can truly bridge gaps for both plan sponsors and participants. We’re thrilled to welcome the team as a cornerstone member of our growing division.”
About Alera Group Wealth Services
Alera Group Wealth Services, a division of Alera Group, is dedicated to enhancing the financial security of clients through a holistic suite of services to address the financial planning, investment and wealth management needs of individuals and families. For more information, visit wealthservices.aleragroup.com.
About Alera Group Retirement Plan Services
Alera Group Retirement Plan Services, a division of Alera Group, services a wide variety of plans including 401(k), profit sharing, defined benefit, cash balance, 403(b), 457, PEP and deferred compensation. Advisors work with plan sponsors on plan design, financial wellness, investment analysis, benchmarking and fiduciary plan governance. Learn more at retirementplanservices.aleragroup.com.
About Alera Group
Alera Group is an independent, national insurance and wealth management firm with more than $1 billion in annual revenue, offering comprehensive employee benefits, property and casualty, retirement plan services and wealth services solutions to clients nationwide. By working collaboratively across specialties and geographies, Alera Group’s team of more than 4,000 professionals in more than 180 offices provides creative, competitive services that help ensure a client’s business and personal success. For more information, visit www.aleragroup.com or follow us on LinkedIn.