Integrity Marketing Group says it has completed one of the largest acquisitions in its history with the addition of the hybrid registered investment advisor firm Gladstone Wealth Partners.
Founded in 2012, with its RIA unit launched in 2015, Gladstone currently oversees more than $13 billion in assets under management and advisement, according to Integrity. The addition brings Integrity’s AUM/AUA to more than $40 billion, the company says.
The companies didn’t disclose the financial terms of the deal, which was first announced this summer.
“Since our initial agreement to partner, Gladstone’s portfolio grew at a rate more than double that of the S&P 500. While investor sentiment remained mixed to negative, Gladstone continued their streak of positive net flows each and every month,” Tom Dempsey, chief distribution officer of Integrity, said in the announcement. “That is a remarkable achievement — especially considering the conditions surrounding equity markets during that time. It showcases well the visionary leadership of Gladstone, and the prowess of the expert team they’ve assembled.”
As part of the acquisition, Integrity plans to help Gladstone continue its growth in revenue and advisor ranks, according to the firm.
Under the terms of the transaction, Robert Hudson, Gladstone founder and chairman, as well as Gladstone chief executive officer Richard Frick, will stay on at the helm of the firm, Integrity says. They’re also taking on roles as managing partners at Integrity, according to the firm.
“One of the most exciting aspects of this partnership is the far-reaching impact our synergies will have on the entire financial services industry,” Hudson said in the announcement. “Gladstone’s extensive advisor support architecture and executive guidance perfectly complement Integrity’s full suite of technology, products and services in a way that empowers us to initiate more holistic outcomes for our advisors’ clients. Together, we will work to create a seamless ecosystem that gives financial service and insurance professionals the systems and resources they need to help their clients achieve lifelong financial goals.”
Integrity’s “omnichannel platform” has a partner network of more than 500,000 agents and advisors offering a range of products and services including health and life insurance, data analytics, third-party administration and advertising, financial planning and wealth management.
Last year, Integrity oversaw more than $40 billion in assets under management and advisement through its RIA and broker-dealer platforms, according to the firm.