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Deals & People August 30, 2023
TPA Strongpoint Partners Adds Pension Financial Services to Network
Strongpoint will have more than 4,000 plans and $7B in assets under administration with the deal.
Reported by Natalie Lin
Chicago-based Strongpoint Partners announced Wednesday that it will be adding to its network of providers Pension Financial Services, a retirement third-party administrator headquartered in Duluth, GA.
With the addition of PFS, retirement TPA, recordkeeper, and payroll provider Strongpoint will have more than 4,000 plans and $7B in total assets under administration. PFS was founded in 1982 by Earle Garvin, and currently has more than 800 clients throughout the Southeast.
“Strongpoint will not only invest in modernizing our infrastructure and maximizing our growth but will also enable us to service our clients with the same care, accuracy and customer-centric support that has defined us since our founding,” Garvin said in a statement.
The move further consolidates a retirement solutions and recordkeeping space that has contracted in recent years, often backed by private equity funding. Strongpoint is backed by Shore Capital Partners, a Chicago-based private equity firm focused on microcap investing.
Strongpoint noted that PFS expands its reach and expertise throughout the southeast United States, as well as furthering its strategic position as a financial services platform and growth partner to TPAs looking to leverage greater scale and resources.
“Earle is a well-respected leader within the industry and shares our people-first approach to serving plan sponsors and participants across the small and medium-sized business community,” Danny Hest, Strongpoint’s CEO, said in a statement. “His team has been incredible throughout this process – we’re so excited by the relationships they’ve already built across the organization and are thrilled by the industry experience and expertise they will bring to Strongpoint.”
In May Strongpoint Partners announced a partnership with Retirement Planners and Administrators, a TPA headquartered in Falls Church, Virginia. At the time Strongpoint had more than 3,200 plans and over $6 billion in total assets under administration.
Strongpoint offers an integrated software platform for outsourced retirement services being offered across being offered across firms including HowardSimon, Jocelyn Pension Consulting, Retirement Strategies Group, and Retirement Planners and Administrators.