/PRNewswire/ HUB International Limited (Hub), a leading full-service global insurance broker, announced today that it has acquired Alpha Pension Group, Inc..
Raymond James buys 401(k) plan provider NWPS
In an unusual move, a broker-dealer is picking up a plan administrator
December 10, 2020 2 MINS
Raymond James has moved into retirement plan administration with its announcement Thursday that it is buying a consultant and record keeper that oversees $35 billion in plan assets.
The broker-dealer is acquiring Seattle-based NWPS Holdings and expects to close the deal before year-end.
The strategy runs counter to that of other broker-dealers. Very few have an associated plan administration business and some have offloaded such businesses that they had owned. Generally, retirement plan advisers have sought to build out their wealth businesses, rather than the other way around.