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Raymond James Financial Acquires NWPS
Raymond James Financial Inc. has reached an agreement to acquire NWPS Holdings Inc., which does business as NWPS and Northwest Plan Services.
NWPS and Northwest Plan Services provide retirement plan administration, consulting, actuarial and administration services, and are based in Seattle, Washington. The transaction is expected to close before December 31.
The addition of NWPS is meant to allow Raymond James to expand its retirement services offerings, including retirement plan administration services, to advisers and clients. The firm’s leadership says the timing of the acquisition is “opportune,” as the industry prepares for new solutions created by the Setting Every Community Up for Retirement Enhancement (SECURE) Act, such as pooled employer plans (PEPs).
Raymond James to acquire Northwest Plan Services financial-planning.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from financial-planning.com Daily Mail and Mail on Sunday newspapers.
Posted December 10th, 2020 for Raymond James ST. PETERSBURG, Fla. – Raymond James Financial, Inc. (NYSE: RJF) announced today that it has reached an agreement to acquire NWPS Holdings, Inc., doing business as NWPS and Northwest Plan Services, an independent provider of retirement plan administration, consulting, actuarial and administration services based in Seattle, Wash. The transaction is expected to close before Dec. 31, 2020. The addition of NWPS allows Raymond James to expand its retirement services offerings, including retirement plan administration services, to advisors and clients. The timing is opportune as the industry prepares for new solutions created by this year’s SECURE Act, such as pooled retirement arrangements, and increases the investable market for employer and employee small business solutions.
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.