NFP, part of Aon, has just beefed up its presence with the acquisition of certain assets from EBA Services LLC, which operates as AnchorGroup, marking a promising expansion for the firm.
The newly acquired company is based in Skaneateles, New York, and has been serving small and mid-sized businesses statewide since 1971. Specifically, AnchorGroup specializes in providing employee benefits solutions, primarily focusing on areas outside major cities. The acquisition will bring Kiehl Hutchings, the face of AnchorGroup, on board as vice president of benefits.
"I'm excited to welcome Kiehl and the AnchorGroup team to NFP," remarked Kate Henry, the president of NFP's Northeast region. Henry pointed out the addition bolsters NFP's capabilities and connects them more closely with local employers.
Hutchings expressed his enthusiasm as well, highlighting how the move will allow his team to leverage NFP's extensive resources. "My family has deep roots serving businesses across New York State, and by joining NFP, we can broaden our horizons. Their diverse expertise will empower us to meet the needs of our clients more effectively,” he shared.
At NFP, the focus extends beyond just adding headcount; it’s about fortifying their group benefits capabilities. NFP's footprint now covers properties across the U.S., Puerto Rico, Canada, the UK, and Ireland, counting more than 7,700 colleagues among its ranks.
At the same time, the California Public Employees' Retirement System (CalPERS) has also made significant financial moves, recently injecting $400 million to its affordable housing strategy through Nuveen Real Estate, following its earlier commitment of $100 million just six months prior.
This new capital allocation reflects CalPERS’ commitment to addressing the affordable housing crisis in California. The fund aims to boost supply and create sustainable living options for residents who are increasingly feeling the pinch from skyrocketing property prices. The pension system revealed this new step just weeks after authorizing funds for another significant investment, underlining the urgency behind their strategy.
CalPERS, managing roughly $532 billion, is not new to affordable housing investments. Over the years, the fund has committed to various real estate strategies addressing the chronic shortage of affordable housing within the state. The additional allocation suggests CalPERS is doubling down on its mission and the demand for housing solutions.
Meanwhile, LPL Financial is on the move too, having welcomed Strata Financial Group, an advisor team formerly with Osaic, to its platform. This strategic recruitment not only expands LPL’s services but also supports its growth strategy.
The Strata Financial Group, known for its collaborative approach and comprehensive ranges of financial services, includes industry veterans who collectively brought over $350 million of managed assets from their previous affiliation. Anthony “Tony” Campagni, one of the group’s founders, articulated the team's focus on empowering clients with informed financial decision-making during their transition to LPL.
"We want to maximize the wealth of our clients through strategic financial planning and investment strategies,” Campagni emphasized. This focus on personal service is echoed by the other team members who expressed enthusiasm for LPL’s resources, emphasizing their decision was influenced by the transparent practices they observed at LPL.
Dovetailing with its expansions, LPL recently completed the integration of Prudential Advisors, which significantly boosts its advisor count by over 2,800 and adds approximately $25 billion in assets under management. This background paints LPL as not just another broker-dealer but as serious competitors carving out their niche within the financial advice market.
Concluding their recent developments, LPL also launched its AI Advisor Solutions program. This suite of tools is crafted to amplify advisory efficiency and enrich client experience, reflecting the firm's commitment to technology and innovation.
Such dynamic growth within NFP, CalPERS, and LPL highlights the fierce competition and innovative strategies characterizing the current financial services and investment sectors. With acquisitions being the theme of the day, these firms are clearly setting themselves up for promising futures, each reinforcing its core offerings and extending its reach through judicious investments and strategic hires.
On the whole, these firms contribute to shaping the financial services space, helped along by taking calculated risks and leveraging technology; strategies likely to be echoed across the sector as firms endeavor to sharpen their competitive edge and respond to rapidly changing market conditions.
It is apparent the financial sector is on the brink of transformative change, driven heavily by the currents of acquisition and strategic investment as firms like NFP, CalPERS, and LPL push to widen their service areas and boost operational efficiencies—not just to survive but to thrive.
