Co-operators has announced that it has acquired Ontario-based Roger Ghent Financial Services. The transaction closed May 13.
Co-operators said the deal was part of its strategy to address the growing need in the wealth and financial services sector to provide strategic transition opportunities for advisers considering retirement. The company said that it offered competitive prices for all or part of advisers’ portfolios, which was an attractive proposition for advisers and wealth managers who were contemplating the sale of their business but were not ready to retire completely.
“Developing the scale and skill of our distribution model is among our top objectives,” said Lucilla Nardi, chief distribution officer at Co-operators Financial Investment Services. “Arrangements like these accelerate our mutual fund expertise by recruiting veteran advisors alongside their portfolios.”
Co-operators said that it offered marketing and business support to allow retiring advisers to exit the business at their own pace.
Roger Ghent, an industry veteran with nearly 30 years of experience, serves more than 200 clients and manages about $35.9 million in assets, Co-operators said. Ghent will stay on with Co-operators for 18 months and retire in 2025. As part of the acquisition, Ghent’s team will stay on with Co-operators.
“The most appealing aspect of joining Co-operators was the ability to ensure the coordinated transition of my clients’ assets into experienced, trustworthy hands,” Ghent said. “Now my clients can access the full suite of Co-operators insurance and financial service offerings – a significant value-add to their lives. It gives me a tremendous sense of pride and I can trust that the legacy of my service to my community and clients will remain intact.”
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