Retirement Industry People Moves

Raymond James Financial Acquires NWPS

Raymond James Financial Inc. has reached an agreement to acquire NWPS Holdings Inc., which does business as NWPS and Northwest Plan Services.

NWPS and Northwest Plan Services provide retirement plan administration, consulting, actuarial and administration services, and are based in Seattle, Washington. The transaction is expected to close before December 31.

The addition of NWPS is meant to allow Raymond James to expand its retirement services offerings, including retirement plan administration services, to advisers and clients. The firm’s leadership says the timing of the acquisition is “opportune,” as the industry prepares for new solutions created by the Setting Every Community Up for Retirement Enhancement (SECURE) Act, such as pooled employer plans (PEPs).

The approximately 160 employees with NWPS will be retained in the firm’s current locations. President and CEO Tim Wulfekuhle and his leadership team will continue to lead NWPS within the Raymond James organization. NWPS will operate as part of the Raymond James Private Client Group and enhance the existing retirement capabilities and solutions provided by the Institutional Fiduciary Solutions department.

NWPS will continue to operate under its current name. The firm currently has more than 400,000 participants with more than $35 billion in plan assets.

Vestwell Announces Retirement Services President

Vestwell has named Richard Tatum president of retirement services.

Tatum will report to the firm’s CEO, Aaron Schumm, and will be responsible for scaling platform operations, administration and client services. 

Prior to joining Vestwell, Tatum was the president and CEO of Avintus, a third-party administrator (TPA) firm he joined in 1998. Under his leadership at Avintus, the TPA service division expanded its service suite to include payroll, human resource (HR) and 3(16) fiduciary outsourcing solutions. In 2018, the firm was acquired by Ascensus under its TPA Solutions division. Following the acquisition, Tatum became a divisional vice president, where he was responsible for sales in FuturePlan by Ascensus’ Southern Division. 

As president of retirement services, Tatum will be involved in the firm’s ecosystem of partners, including global financial services companies across financial advisers, asset managers, and insurance providers, as well as payroll providers, company plan sponsors and participating employees.

Tatum holds a bachelor’s degree in finance and business management from Lipscomb University.

TRA Acquires Employee Benefit Consultants

The Retirement Advantage Inc. (TRA) has acquired Employee Benefit Consultants of Florida Inc. (EBC), based in Stuart, Florida.

“Our fourth acquisition in 2020, EBC presents a terrific opportunity for both growth and innovation,” says Matt Schoneman, president of TRA.

“Joining TRA provides both our employees and clients with additional opportunities,” says Robert Zike, president of EBC. “We are ready to combine our industry expertise and regional presence with TRA to position our employees and clients for long-term success.”