US-based insurtech company Integrity Marketing Group, which also provides wealth management and retirement planning solution, has signed an agreement to acquire Gladstone Wealth Partners.
Financial terms of the deal were not disclosed.
Founded in 2012, Gladstone is a registered independent advisor (RIA) with over $13bn in assets under management.
The firm provides a hybrid wealth-management platform offering an open architecture, multi-custodial RIA platform and access to a full-service broker-dealer offering.
Furthermore, Gladstone focuses on mitigating advisor risk and simplifying the transition to independence by centralising business functions, such as compliance, marketing and operations.
Integrity co-founder and CEO Bryan Adams said: “The addition of Gladstone Wealth Partners to the Integrity family means that we can serve the life, health and wealth needs of Americans better than ever before as we help them plan for the good days ahead.
“Gladstone’s wealth management expertise combined with Integrity’s strength in marketing, technology and product distribution will give rise to far-reaching new solutions. The impact we’ll make together will change our clients’ lives for the better.”
As part of the deal, Gladstone Wealth Partners founder and chairman Robert Hudson and CEO Richard Frick will join Integrity as managing directors.
Gladstone employees, who will be part of Integrity, will receive company ownership through the firm’s Employee Ownership Plan.
Furthermore, Gladstone will be offered access to technology optimised by deep data insights and constant product development through Integrity’s insurtech platform.
The Integrity platform consists of proprietary resources, including actionable lead generation systems, real-time quoting and enrolment solutions.
Hudson said: “Through this partnership, we can deliver enhanced technology and a full suite of products and services to our advisors in order to meet the spectrum of clients’ needs now and well into the future. Integrity and Gladstone are building a life, health and wealth offering that is unique in the market.”
This February, Integrity snapped up Connecticut-based retirement planning and RIA The Foschini Group to bolster its retirement planning business.