Based in Littleton, Colorado, Retirement Planning Services has been offering financial planning services for more than 30 years
Alerus Financial, a North Dakota-based chain of financial institutions, has acquired Retirement Planning Services, a retirement and health benefits provider, for an undisclosed amount.
Retirement Planning Services is a Littleton, Colorado-based financial planning firm, which operates as RPS Plan Administrators and 24HourFlex.
It specialises in the design and administration of qualified 401(k), retirement plans and cafeteria plans. It offers retirement and health benefits administration for more than 1,000 plans, 48,000 plan participants, 300 300 COBRA clients, and 10,000 COBRA members.
The acquisition is anticipated to expand the company’s geographic footprint in the Rocky Mountain region.
The deal will increase Alerus’ assets under management to nearly $31.5bn
The company is an independent provider of retirement and benefit administration services. It is the firm’s eleventh acquisition in the retirements and benefits industry. Through the deal, the assets under management for Alerus will increase to nearly $31.5bn.
Alerus president and CEO Randy Newman said: “We are thrilled to welcome the clients and employees of RPS and 24HourFlex to Alerus. Their teams add incredible depth of knowledge to our retirement and benefits division and will further strengthen Alerus’ position in this consolidating industry.
“This acquisition is illustrative of our long-term One Alerus growth strategy, which focuses on expanding our national presence and providing diversified financial services to clients across the country.”
RPS president Nathan Carlson and RPS principal Matt Poppe will join Alerus to help guide the growth of retirement and benefits services across the Rocky Mountain region, for a seamless transition.
Carlson said: “Joining Alerus provides both our employees and clients incredible growth opportunities with a multi-billion-dollar, publicly traded, diversified financial services company.
“We are excited to combine our industry expertise and regional presence with Alerus to position our employees and clients for long-term success. We are stronger together and we look forward to what the future holds.”
Alerus announced its intent to acquire RPS early this month.