Alera Group Continues M&A Run With SRPC Acquisition

Alera Group Inc. has added to its growing retirement plan advisement team with the acquisition of Strategic Retirement Plan Consultants Inc., according to a Thursday announcement.

The Deerfield, Illinois-based aggregator will add to its Northeast presence in retirement plans with the acquisition of Boston-area SRPC, which oversees about $800 million in assets under advisement nationally.

SRPC is run by Peter Klinkmueller and Steve Boudreau, who have worked together since 2016; they will continue their practice as affiliated with the Waterford Group, an Alera Group company focused on retirement plan services and based in Rochester, New York.

Klinkmueller previously worked for Commonwealth Financial Network and ADP Inc.; Boudreau worked for Marsh & McLennan Agency, a Marsh company, and Deutsche Asset Management. SRPC’s services include plan design, vendor selection and management, employee education, fee and service benchmarking, and fiduciary services.

This marks the seventh acquisition Alera has made in the last two years, including a September deal for Advanced Capital Group and the acquisition late last year of the Fraser Group. Christian Mango, executive vice president and national practice leader of retirement plan services, has also brought on experts in large retirement plan advisement and financial wellness.

“For decades, Peter and Steve have set the standard for dedicated service to plan sponsors,” Mango said in a statement. “Their work in the Northeast both augments our fast-growing retirement-plan business in the region and complements Alera Group’s strong presence in the Boston-area employee-benefits market.” 

The Alera Group has $1.4 billion in gross revenue from businesses including property and casualty insurance, employee benefits, wealth services and retirement plan solutions. The firm did not provide terms of the deal.