Adviser Relationships Key in Acquisition

The combined entity will provide services, from 18 offices across the nation, to more than 6,500 retirement plan clients with more than $30 billion in retirement plan assets (see “Verisight, Inc. Acquires Daily Access Corporation”).

One thing that made DailyAccess very appealing to Verisight, CEO Greg Tschider tells PLANADVISER, is both companies are very focused on building deep relationships with advisers and investing in new technology and solutions that can maximize advisers’ service to retirement plan clients.

Tschider says his firm also liked the national reach of DailyAccess and that the acquisition will increase Verisight’s reach in the southeast. DailyAccess is headquartered in Mobile, Alabama, with locations in Kansas City, Missouri, and Dallas, Texas.

 “When we look at potential acquisition opportunities, there’s always a financial analysis, but the other thing is the general idea of a good cultural fit,” Tschider adds. “We felt this was a good cultural fit. DailyAccess has the same types of clients; there’s not much overlap in locations; it gives both companies additional size and scale; there is a similar servicing of advisers; and an opportunity for enhanced solutions.”

According to Tschider, once the deal is closed, it will be business as usual, but Verisight will then review the best practices across the larger organization and build on that. Retirement plan clients will see continued investment in the firm’s platform and technology over time, and enhanced solutions.

The acquisition was not a part of any strategy for Verisight, but the company is always open to acquisitions, and Tschider says if a good opportunity comes up, the company will pursue it.

“We want to be known for servicing our clients first, then being a partner to financial advisers,” he says. “We need to be able to serve both small and large plans, 401(k)s as well as cash balance plans and ESOPs [employee stock ownership plans]. The full sweep will enable us to be competitive.”