Alera Group acquires Ascent
DEERFIELD - Alera Group, a top independent, national insurance, wealth and retirement plan services firm, said it acquired Virginia Beach, Virginia-based The Ascent Group and its affiliated companies.
Financial terms of the acquisition were not released. However, the company said the acquisition adds significant assets under management to two Alera Group divisions: approximately $1.5 billion within Alera Group Wealth Services and $1.3 billion within Alera Group Retirement Plan Services.
The Ascent Group's affiliated companies include Virginia-based Summit Group, led by Jeff Silverman, and Pennsylvania-based Walsh & Nicholson Financial Group, led by Brian Walsh. Overall, The Ascent Group employs 42 associates including 15 financial advisers. The firm was created in 2021 by Silverman and Walsh together with Michael Moss, its CEO, who oversees development and marketing of the firm's proprietary investment infrastructure.
"Jeff, Brian and Mike came together last year because they saw a way to pursue better client outcomes through an innovative investment infrastructure and a client-driven service model," said Tina Hohman, Alera executive vice president and wealth services practice leader. "We expect to leverage what they built in-house across a much larger context."