Raymond James Financial Inc. (NYSE: RJF), a financial services company, has agreed to purchase NWPS Holdings Inc., doing business as NWPS and Northwest Plan Services, an independent provider of retirement plan administration, consulting, actuarial and administration services. The transaction is expected to close before December 31, 2020. Financial terms were not disclosed.
Seattle-based NWPS will continue to operate under its current name. The firm currently has more than 400,000 participants with $35 billion in plan assets.
Raymond James said that adding NWPS will help expand its retirement services offerings, including retirement plan administration services, to advisors and clients.
“The timing is opportune as the industry prepares for new solutions created by this year’s SECURE Act, such as pooled retirement arrangements, and increases the investable market for employer and employee small business solutions,” the company said in a statement.
The approximately 160 NWPS employees will be retained in the firm’s current locations. President and CEO Tim Wulfekuhle and his leadership team will continue to lead NWPS within the Raymond James organization. NWPS will operate as part of the Raymond James Private Client Group and will add to the existing retirement services provided by the institutional fiduciary solutions department.
Raymond James Financial is a financial services company providing private client group, capital markets, asset management, banking and other services to individuals, corporations and municipalities. The company has approximately 8,200 financial advisors. Total client assets are $923 billion.