Massachusetts-based Epstein Financial is an independent registered investment advisor (RIA). It offers corporate compliance and regulatory guidance, retirement plan consulting, and wealth management services to clients.
As part of the transaction, Epstein Financial founder and principal Charlie Epstein will join Hub Retirement and Private Wealth in Hub New England.
Hub president of Western New England Timm Marini said: “We are excited to deepen our current capabilities with the exceptional marketing and sales expertise of Charlie and his team.”
The acquisition is part of the insurance broker’s move to fortify its presence in the retirement and wealth management space.
It bolsters Hub’s retirement and wealth management services arm, Hub Retirement and Private Wealth, with the addition new resources to develop more comprehensive strategies for clients.
Hub Retirement and Private Wealth division provides institutional and retirement services to for-profit and not-for-profit organisations. It also offers customised private wealth management services to individuals and families.
In addition, a number of RIA affiliates in HUB RPW provide investment advisory services to clients whose total assets are approximately $105bn.
Moves by other insurers in wealth segment
In April this year, British insurance broker Ardonagh, owned by US private equity investors HPS Investment Partners and Madison Dearborn Partners, reportedly established an asset management division.
The same month, Dutch insurer NN Group said it is weighing the sale of its asset management business NN Investment Partners, which manages over $363bn (€300bn) in assets.
In March, Insurance broker Acrisure marked its entry to the US asset management space with the establishment of a new division, Acrisure Asset Management.