Benefit Monetary Advisors, an Alpharetta, Ga.-based registered funding advisor with $20 billion in consumer property, has acquired an RIA in Florida that works with firefighters and cops with an eye fixed on increasing that area of interest nationally.
Benefit’s acquisition of Second Half Monetary Planning will usher in a average quantity of property for at the moment’s deal market at $225 million. Nevertheless, in response to Second Half founder Mike Fitch, the agency’s mannequin has made it a go-to for firefighters and cops in Florida. He believes the enterprise might be replicated in as much as 29 different states.
Mike Fitch began Second Half Monetary Companions about 15 years in the past after listening to that the state of Florida had applied a deferred compensation program by which first responders might obtain a lump sum cost along with their pension. The going was gradual at first, with Fitch having bother getting the eye of the primary responder group to handle their retirement property.
Then he was contacted by Mark Burnam, who mentioned he might assist join Fitch to first responders working for the state and throughout varied departments. The 2 crisscrossed Florida, finally connecting with the precise folks.
“Mark and I should have put 800,000 miles on our automotive in two years,” Fitch mentioned.
The outcomes have been a consumer base of about 50% regulation enforcement and 50% firefighters, with constant new purchasers as a result of referrals from a group that always retires of their early 50s.
“Because the saying goes, ‘telegraph, phone, inform a fireman,’” Fitch mentioned. “If you happen to do proper by them, they’ll inform everybody about you. If you happen to do unsuitable, they’ll inform everybody too.”
Fitch mentioned Second Half Monetary Companions entertained acquisition gives from eight corporations, however solely took a second name from Benefit. He added that he needs to deliver his purchasers Benefit’s property planning and belief companies.
In the meantime, Fitch and his crew will work with Benefit to increase their companies to different states with related retirement packages and their associated nuances. He mentioned he’ll advocate to Benefit that advisors who need to work within the first responder space get coaching and certification.
“If you happen to don’t observe these legal guidelines accurately, you may actually screw up a primary responder’s taxes and even their retirement,” Fitch mentioned.
For now, Fitch mentioned his crew is onboarding to the Benefit methods. His crew is one among 40 different acquisitions Benefit has made in 4 1/2 years after it bought a minority stake to Wealth Companions Capital Group and a bunch of strategic traders led by HGGC’s Aspire Holdings platform. WPCG lately bought its stake to minority investor Constellation Wealth.
