RetireOne, an independent platform for fee-based insurance products, is stepping up its offerings to RIAs with the purchase of a broker-dealer from Edelman Financial Engines.
RetireOne, owned by Aria Retirement Solutions, has acquired EF Legacy Securities, RetireOne says in a press release.
Louisville, Ky.-based EF Legacy Solutions is keeping on Rainey Gray as its chief compliance officer while RetireOne will support the broker-dealer’s existing accounts, according to the company.
"We frequently speak with former registered reps who are now [investment advisor representatives] of RIAs. They’ve had to abandon hundreds of millions of dollars of client assets," RetireOne founder and CEO David Stone says in the press release. "With our help, these client assets may no longer be left behind."
The purchase will apparently help RetireOne grow its insurance and annuity back office services for RIAs.
"Fee-only fiduciaries look to us as a partner who can empower them to provide holistic financial advice and plans that incorporate insurance, principal protection, lifetime income guarantees, and additional tax-deferred accumulation," said Stone.
San Francisco-based RetireOne launched in 2011 and now serves more than 900 RIAs and fee-based advisors, offering insurance and annuity back office services, with over $1 billion of retirement savings and income investments under advisement, the company says.