Insurance broker NFP has purchased Fiduciary Investment Advisors (FIA), an independent investment consulting firm.

The acquired business has now been integrated with NFP unit DiMeo Schneider & Associates, an investment consultant for retirement plans, nonprofit organisations, and private clients.

FIA has a similar clientele. The business serves retirement plan sponsors, institutional investment pools, non-profit organisations as well as private clients.

The merged group has adopted the DiMeo Schneider brand and maintains operational independence.

It has branches in seven locations and caters to clients across 47 states.

FIA president Mark Wetzel calls the deal an “exciting milestone”.

Wetzel said: “This combination is consistent with FIA’s history of seizing opportunities that elevate the value we deliver to our clients.”

DiMeo Schneider managing partner Robert DiMeo will be in charge of the consolidated business as CEO.

Wetzel will retain his role at the combined entity.

Commenting on the deal, NFP chairman and CEO Doug Hammond said: “DiMeo Schneider maintains a strong presence in the institutional market defined by independence, long-term relationships, and sustained growth and success.

“With aligned values, a talented team of professionals, and a commitment to collaboration, these two highly regarded firms are even better together.”

NFP focuses on property and casualty, corporate benefits, retirement, and individual solutions.