Ascensus acquired a retirement plan provider exclusive to entrepreneurs and high-income earners, the company announced.
According to a press release, Dedicated Defined Benefit Services (Dedicated DB) will immediately integrate into Ascensus’ Third-Party Administrator (TPA) Solutions, but it will remain based in Glendale, Calif.
Since Dedicated DB carries retirement plans solely for people who are self-employed, small businesses and high-income earners, those features will be available to Ascensus’ advisor clients as an expanded offering.
“This supports our open-architecture strategy of supporting platform vendors in having additional solutions and services that advisors can market now -- all under the Ascensus umbrella,” said Raghav Nandagopal, the executive vice president of corporate development and mergers & acquisitions.
Nandagopal added that Dedicated DB’s appeal was its financial performance. “They’re growing ahead of the average market growth that we’re seeing,” he said.