Insurance brokerage and risk management firm Risk Strategies Company acquired Long Island based TSG Financial to strengthen its growing employee benefits practice.
The acquisition marks Risk Strategies' first foray into offering wealth management and retirement plan services. Terms of the deal were not announced.
Based in Garden City, New York, TSG Financial is a full service employee benefits and financial services firm. Employee benefits drive the majority of its business activity, developing traditional group benefits programs for everything from health and dental to long and short term disability insurance.
The firm is led by its four partners, Michael Waters, Paul Essner, Ben Chafitz, and Bryan Pendrick, who average over 25 years of experience in the business.
Risk Strategies employee benefits national practice leader John Greenbaum said: “We believe that deep, real-world expertise makes even the most complex client challenges easy to solve.
"TSG Financial fits this model. Its employee benefits business is highly complementary to ours and brings to the table financial services capabilities, such as 401(k) plans, that are a logical extension of our business strategy."
TSG Financial has also developed a specialty focus on the home healthcare industry and counts many of the largest organizations in the country as clients.
The firm has become the market leader in offering these organizations traditional group insurance programs and 401(k) plans for administrative employees, home health aides and nursing staff.
TSG Financial lead partner Michael P. Waters said: “It's exciting to join forces with a national-scale firm noted for its technical ability and expert knowledge.
"Our client base will certainly benefit from access to new, meaningful resources, while our capabilities in wealth management will position Risk Strategies to expand its offerings."
With roots dating back to 1985, TSG Financial was formed through the merger of Financial Design Concepts and Benjamin Chafitz. The firm's financial services offerings include retirement plans, including qualified pension and 401(k) planning, asset management, life insurance, and retirement planning.