Private equity has been a key player in fueling the convergence of advisory firms operating in workplace retirement plans, individual wealth management, insurance and other benefits. But as the space matures, plan advisers should be prepared for further sector disruption, according to industry players.
Scott Colangelo, chairman and managing partner of Prime Capital Investment Advisors and the creator of Qualified Plan Advisors, is a believer in PE’s ability to help professionalize an advisory firm and drive it forward, but he cautions that not all deals are equal.
“The wealth service acquisitions have been widely, overall, successful when the firms, such as ours, are bringing people into a scaled structure,” he says, including providing support ranging from human resources to personal branding, marketing and office management.
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