Press Release

Edelman Financial Engines Acquires New England Pension Plan Systems

Issued by Edelman Financial Engines

Dec. 14, 2023

Strengthens small business retirement plan consulting capabilities; continues recent growth in the Northeast region

BOSTON -- Edelman Financial Engines (EFE), America’s top independent wealth planning¹ and workplace² investment advisory firm, today announced the acquisition of New England Pension Plan Systems (NEPPS), a national, full-service retirement-plan consulting firm offering various levels of advisory and consulting services to employee benefit plans and to the participants of such plans, and its affiliate New England Investment Consultants (NEIC), a registered investment advisor.

Headquartered in Providence, Rhode Island, NEPPS and NEIC are a New England-focused wealth and retirement planning firm and manage approximately $1.5 billion³ for more than 500 clients, providing personalized comprehensive financial planning and investment management to individuals, trusts, estates, and charitable organizations.

“The expertise and capabilities that NEPPS has in the retirement plan consulting space is a perfect complement to the broader platform we are building here at EFE,” said Suzanne van Staveren, executive vice president, chief financial officer and chief operating officer at Edelman Financial Engines. “As we continue to grow both organically and through acquisitions, we are seeing more demand from small business owners seeking advice on managing their companies’ retirement plans. The addition of NEPPS adds to the strong existing foundation we have in providing the workplace with personalized retirement advice at scale.”

The transaction further increases EFE’s presence in the Northeast while expanding its growing business that serves small employers with retirement plans. This is also EFE’s largest acquisition based on assets under management since the firm began executing its current M&A strategy in 2021.

“We are honored and excited to be joining EFE, the top RIA in the country,” said Sergio DeCurtis, CEO of NEPPS. “Like EFE, we promote the same client-first focus for our retirement plan clients and our individual wealth planning clients. Our shared approach to client service, education, financial planning and investment management makes this a great fit. We look forward to partnering with the EFE to drive growth and enhance services to both of our client bases.”

Inorganic growth through M&A has been a focus for EFE in recent years, and the firm will continue ongoing conversations with strong potential partners into the new year. This transaction follows EFE’s acquisitions of PRW Wealth Management (2023), Align Wealth Management (2023), Erman Retirement Advisory (2022), Herrmann & Cooke (2022), Smart Investor (2022), and Viridian Advisors (2021). These recent acquisitions expanded EFE’s wealth planning presence in the Northeast, Northern California, the Pacific Northwest, and the South and have added to its small business retirement plan division and tax capabilities.

“With a leading workplace retirement franchise in the RIA space, EFE continues to expand into the small and medium-size plan market,” said David DeVoe, founder and CEO of DeVoe & Company, which served as NEPPS’ advisor on the transaction. “The NEPPS acquisition bolsters an already growing area of EFE’s business, benefitting the current and future clients of both firms.”

Baker & McKenzie LLP and K&L Gates LLP served as EFE’s counsel in connection with the transaction. Kupfer & Associates served as NEPPS’ counsel.

About Edelman Financial Engines

Since 1986, Edelman Financial Engines has been committed to always acting in the best interests of our clients. We were founded on the belief that all investors – not just the wealthy – deserve access to personal, comprehensive financial planning and investment advice. Today, we are America’s top independent financial planning and investment advisory firm, recognized by Barron's¹ with 145+ offices⁴ across the country and entrusted by more than 1.3 million clients to manage more than $250 billion in assets.⁵ Our unique approach to serving clients combines our advanced methodology and proprietary technology with the attention of a dedicated personal financial planner. Every client’s situation and goals are unique, and the powerful fusion of high-tech and high-touch allows Edelman Financial Engines to deliver the personal plan and financial confidence that everyone deserves.

1. The Barron’s 2023 Top 100 RIA Firms list, an eighth-year ranking of independent advisory firms, is qualitative and quantitative, including assets managed by the firms, technology spending, staff diversity, succession planning and other metrics. Firms elect to participate but do not pay to be included in the ranking. Ranking awarded each September based on data within a 12-month period. Investor experience and returns are not considered.

2. According to the Cerulli Associates Top-Nine Managed Account Sponsors by DC Assets survey of Defined Contribution managed account providers, The Cerulli Edge – U.S. Retirement Edition, 3Q 2023, Issue #68, Edelman Financial Engines is the largest managed account provider by DC assets and market share as of June 30, 2023.

3. New England Investment Consultants, as of Dec. 4, 2023.

4. Edelman Financial Engines data, as of Dec. 31, 2022.

5. Edelman Financial Engines data, as of Sept. 30, 2023.

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