The broker-dealer purchase accelerates growth and boosts RetireOne insurance and annuity back office capabilities


RetireOne acquires EF Legacy Securities. Photo: courtesy of rawpixel from Pixabay.

RetireOne, the leading independent platform for fee-based insurance solutions, has purchased the EF Legacy Securities broker-dealer (“EFLS”) from Edelman Financial Engines. The acquisition expands RetireOne’s capabilities to better serve RIAs with additional flexibility and control.

“We’ve worked with many fee-only fiduciaries across the country since we opened our doors eight years ago,” said RetireOne president Ed Mercier. “We have supported them and their firms through various stages of growth, and we look forward to increasing our capabilities as we evolve to meet their dynamic needs.”

EFLS will retain Rainey Gray as Chief Compliance Officer to help support the ongoing growth of the business, and RetireOne will service and support the broker-dealer’s existing accounts. The acquisition allows RetireOne to grow their insurance and annuity back office services for RIA firms, and better assist the burgeoning number of advisors moving their practices to the fee-based model from the commission compensation model.

“We frequently speak with former registered reps who are now IARs of RIAs. They’ve had to abandon hundreds of millions of dollars of client assets,” said RetireOne Founder and CEO David Stone. “With our help, these client assets may no longer be left behind.”

Providing insurance and annuity back office services to advisors as they grow their practices allows them to maintain a holistic view of all client investments.  A team of licensed RetireOne experts also monitors those held-away assets, and when appropriate, can help 1035 exchange them for low-cost, commission-free solutions that may be managed directly by the advisors.

“We’re a one-stop shop,” said David Stone. “Fee-only fiduciaries look to us as a partner who can empower them to provide holistic financial advice and plans that incorporate insurance, principal protection, lifetime income guarantees, and additional tax-deferred accumulation. We’re here for them at no additional cost to them or their clients.”

Source: Company Press Release