Cerity Partners, an independent wealth management and investment advisory firm, plans to merge with Blue Prairie Group, a retirement and investing consulting firm that oversees $11 billion in retirement plan assets. Following the transaction, Cerity Partners will advise more than $21 billion in client assets.
“Combining with Cerity Partners was a clear next step for our firm as we both look to expand and enhance our offerings,” said Matt Gnabasik, founder of Blue Prairie Group. “There is a growing trend of employers who want to provide comprehensive, objective financial advice services to their employees, and Cerity Partners is widely considered a pioneer in the field of financial coaching and executive financial counseling.”
Headquartered in Chicago, Blue Prairie Group is a fee-only registered investment advisor serving retirement plan sponsors, foundations, endowments and private clients. As part of the merger, Ty Parrish, managing partner of Blue Prairie Group, will assume the role of practice leader of the retirement plan services group.
Founded in 2009 and previously known as HPM Partners, Cerity Partners has the private-equity backing of Lightyear Capital, which bought a 50 percent stake in the company early last year.
The firm operates under a private partnership model and serves high-net-worth individuals, families, businesses and their employees, and nonprofit organizations from its offices across the country.