HUB enters the retirement plan space and it makes sense

Ary Rosenbaum - The Rosenbaum Law Firm P.C.
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Ary Rosenbaum - The Rosenbaum Law Firm P.C.

CVS just announced they are buying Aetna and a sign of further consolidation in the health care industry. We see consolidation in the retirement plan business so it’s not shocking to see a leading insurance broker decided to enter the retirement plan space.

Hub International, a leading insurance broker has acquired the assets of Summit Financial Corporation and Summit Financial Insurance Agency, Inc. (Summit).  Summit provides plan design, consulting, actuarial, administration and investment-related services for both qualified and non-qualified employer-sponsored retirement plans, as well as, similar services for employee benefit plans.

When you’re a leading insurance broker with so many relationships with businesses, getting into the retirement place space might be a good idea s long as you’re able to cross-sell. Cross-selling has always been a great idea in the retirement plan business, from personal experience, it’s harder to make it work than you think.

 

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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