Hub Acquires California-Based 401(k) Advisory

Hub International Ltd. announced Thursday the acquisition of a California-based 401(k) advisory, adding about $421 million in assets and 37 plan sponsor clients.

Hub has acquired the assets of Christopher Clark and his Clark 401k Consulting LLC, based in Los Gatos, California, and providing 401(k) retirement plan consulting including investment consulting, fiduciary processes and best practices, retirement readiness, plan optimization strategies and participant education. Hub did not disclose terms of the deal.

Clark 401k Consulting was an independent firm working with brokerage LPL Financial Retirement Partners; Hub has a relationship with LPL through GRP Financial, a hybrid registered investment advisory firm of LPL, and Clark will “take advantage of that relationship and structure,” according to a spokesperson.

Christopher Clark will join Hub’s private wealth practice in Central and Northern California.

“Chris’s experience with not only retirement plans, but employee benefits and financial wellness, is an excellent fit for what we are focused on here at Hub,” said Joe DeNoyior, Hub’s president of retirement and private wealth, in a statement.

Hub’s retirement and private wealth registered investment advisories provide investment advisory services to clients with total assets of about $148 billion.

The firm has penned 40 deals through August 1 of this year across its retirement, wealth, insurance and benefits practice and has more than 18,000 employees.