Raymond James Financial says it’s acquiring NWPS Holdings in a bid to bolster its retirement services offerings to advisors and clients.
Seattle-based NWPS Holdings, doing business as NWPS and Northwest Plan Services, provides retirement plan administration, consulting, actuarial and administration services and currently has more than 400,000 participants with more than $35 billion in plan assets, Raymond James says.
“The timing is opportune as the industry prepares for new solutions created by this year’s Secure Act, such as pooled retirement arrangements, and increases the investable market for employer and employee small business solutions,” Raymond James says in a statement.
The companies didn’t disclose the financial terms of the deal, which is expected to close before the end of the year.
NWPS will continue operating under its own name as part of Raymond James’ Private Client Group, with its offerings added to the existing retirement solutions offered by Raymond James’ Institutional Fiduciary Solutions unit, Raymond James says.
“We’re confident our advisors will benefit from NWPS’s excellence in this area, and that advisors considering Raymond James will find the capability compelling,” Scott Curtis, president of Raymond James’ Private Client Group, says in a statement.
NWPS’s approximately 160 employees will remain in the firm’s current locations, and president and CEO Tim Wulfekuhle and his executive team will continue heading the firm within the Raymond James organization, Raymond James says.
Raymond James Financial has around 8,200 financial advisors overseeing $923 billion, the company says.
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