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Deals & People December 14, 2023
Edelman Financial Engines Acquires New England Pension Plan Systems
The acquisition is the 2nd with retirement plan business in the last month and brings $1.5 billion in assets under management to EFE.
Reported by Natalie Lin
Edelman Financial Engines announced the acquisition of New England Pension Plan Systems, a wealth and retirement planning firm managing $1.5 billion for more than 500 clients, and its affiliate New England Investment Consultants, a registered investment adviser.
The acquisition expands Edelman Financial Engines’ presence in the Northeast, particularly in serving small employers with retirement plans. Based in Providence, Rhode Island, NEPPS and NEIC specialize in providing financial planning and investment management services to individuals, trusts, estates and charitable organizations.
The acquisition is EFE’s largest acquisition by assets under management since initiating its current M&A strategy in 2021, according to the announcement. It is New York-based Edelman Financial Engines’ second wealth and retirement acquisition in 30 days; on November 16, it announced the purchase of PRW Wealth Management LLC.
“As we continue to grow both organically and through acquisitions, we are seeing more demand from small business owners seeking advice on managing their companies’ retirement plans,” Suzanne van Staveren, Edelman’s executive vice president, CFO and chief operating officer, said in a statement. “The addition of NEPPS adds to the strong existing foundation we have in providing the workplace with personalized retirement advice at scale.”
EFE’s other recent additions to its portfolio include Align Wealth Management (2023), Erman Retirement Advisory (2022), Herrmann & Cooke (2022), Smart Investor (2022) and Viridian Advisors (2021). The growth extends EFE’s wealth planning footprint across the Northeast, Northern California, the Pacific Northwest and the South.
“With a leading workplace retirement franchise in the RIA space, EFE continues to expand into the small and medium-size plan market,” said David DeVoe, founder and CEO of DeVoe & Co., which served as NEPPS’ adviser on the transaction, in a statement. “The NEPPS acquisition bolsters an already growing area of EFE’s business, benefitting the current and future clients of both firms.”