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Deals & People January 6, 2022
SageView Reveals Channel Financial Acquisition
The pace of retirement plan adviser industry mergers and acquisitions is already picking up in 2022, with a handful of major deals already being revealed by the likes of SageView, NFP and Hub International.
Reported by John Manganaro
Today, SageView Advisory Group announced its acquisition of Channel Financial.
Channel Financial, a firm that has been recognized as a PLANADVISER Retirement Plan Adviser of the Year finalist in the small team category, advises more than 130 retirement plans with some $3.5 billion in assets under advisement (AUA), in addition to a sizable number of wealth management clients.
The firm was founded in 2002 with the goal of supporting plan sponsors as they meet their fiduciary responsibilities and pursue better financial and retirement outcomes for employees. It also offers holistic financial planning for individuals.
Channel Financial is based outside Minneapolis, and the acquisition brings seven professionals to SageView, including Partners Matt Gulseth, Jim McDonald and Dan Stewart. These three will join SageView as managing directors.
The announcement of the deal demonstrates that the rapid pace of retirement industry merger and acquisition (M&A) activity is continuing, if not accelerating, in 2022. In addition to this announcement from SageView, so far deals have been announced this week by the likes of Hub International, which has acquired Raffa Financial Services, and NFP, which has acquired Improved Funding Techniques Inc. For its part, SageView has completed four acquisitions in just the past 12 months.
The leadership at Channel Financial says joining SageView allows the firm to offer “best-in-class solutions to our clients while maintaining our core values of offering straightforward advice without conflict and exceptional client service.”
Randy Long, SageView founder and managing principal, says his team is excited to have Channel Financial come on board, noting the acquisition expands his firm’s footprint in the Midwest region.