Sheridan Road Financial Sells Practice

Sheridan Road, the Chicago-based advisory firm with more than $14 billion in assets under advisement, has been acquired by global insurance broker HUB International Limited (Hub).

Daniel Bryant, Sheridan Road founder and chief executive officer, and Jim O’Shaughnessy, managing partner, were recruited to Hub by David Reich, the national president of retirement services for HUB International Investment Services Inc.

Reich had formerly led the retirement efforts at broker/dealer LPL and joined Hub with the mandate of retirement plan adviser acquisition (see LPL Retirement Leader Departure Reflects an Evolving Adviser Industry and LPL Names EVP of Retirement Platform Development).  Speaking to PLANADVISER about the transaction, Reich said this deal is “as good as it gets” in terms of recruiting such a prominent and well-known specialist team to Hub. Having known Bryant and O’Shaughnessy for close to a decade from his time in the industry and at LPL, Reich said he was thrilled to bring them on board, knowing that they had their pick of suitors.

Hub International has a massive presence in Chicago, being headquartered there, and the acquisition of Sheridan Road will let the firm more efficiently serve the market and build out retirement offerings. “Their capabilities add depth and breadth to our growing platform of holistic retirement services,” Reich said. In fact, Reich said that since the deal closed in early December, Sheridan Road has already received, and begun to work on, internal referrals.

In addition to its Chicago headquarters, Sheridan Road, the PLANSPONSOR 2015 Retirement Plan Adviser Multi-office Team of the Year, has eight additional offices throughout the U.S. that serve both institutions and private wealth management clients.

Formally, Bryant and O’Shaughnessy have joined Hub Midwest. Bryant assumes the role of president of national sales, retirement and private wealth.  O’Shaughnessy becomes president of retirement and private wealth for the central region. They report to Reich and Neil Hughes, central region president, and are tasked with collaborating closely with Lerone Sidberry, president and CEO of Hub Midwest.

Sheridan Road’s advisers will be part of subsidiary Hub International Investment Services Inc., while maintaining their broker/dealer affiliation with LPL.

While this is the most recognizable name and largest deal Reich has done since joining Hub, it’s not the first. He said that seven acquisitions have been completed in the last year, with more to come this year.  At the PLANADVISER National Conference in September, as part of a panel about industry M&A, he discussed what he was looking for in advisers when recruiting (see PANC 2018: The State of Adviser M&A).