Hub buys $428M fee-only advisory firm

Hub International has acquired a Virginia-based fee-only firm that specializes in advice and planning for teachers and college employees, the company announced Tuesday.

The acquired firm, Millennium Advisory Services, had nearly $428 million in discretionary assets under management as of Jan. 1, according to its latest Form ADV filing.

Terms of the deal were not disclosed.

Millennium provides “financial planning advice and investment management services to clients in the field of education including employees of colleges and universities, as well as endowments and foundation boards,” the announcement from Hub stated.

As part of the deal, Millennium co-founders Paul Hunt and Steve Anderson are joining Hub Retirement and Private Wealth in its mid-Atlantic office. The retirement and private wealth division of the insurance brokerage advises on about $105 billion in assets, according to the firm.

In March, Hub launched a new defined-contribution service primarily targeted at small businesses and startups, working with five record keepers and one third-party administrator. Hub subsidiary Global Retirement Partners, which the firm purchased in 2019, provides the 3(38) fiduciary service for that initiative, meaning that it selects and monitors investment options for retirement plan clients. Behind that launch is a goal of expanding relationships with Hub’s 600,000 clients, of which only about 10,000 were retirement plan customers as of March, the company noted at the time.

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The post Hub buys $428M fee-only advisory firm appeared first on InvestmentNews.

Andrew is half-human, half-gamer. He’s also a science fiction author writing for BleeBot.

Andrew Vincent
Andrew is half-human, half-gamer. He's also a science fiction author writing for BleeBot.
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