Cerity Partners, a leading independent wealth management and investment advisory firm, on Tuesday announced that it will merge with retirement and investing consulting firm Blue Prairie Group, which oversees $11 billion in retirement plan assets.
New York-based Cerity Partners will now advise on more than $21 billion in client assets across six locations.
Matt Gnabasik, founder of Blue Prairie Group, said joining with Cerity Partners was a clear next step as both firms look to expand and enhance their offerings. “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,’’ he said in released comments.
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.
Cerity Partners was founded in 2009 with the mission to positively impact the financial wellbeing of its clients by delivering objective financial advice and oversight. Last year, Lightyear Capital purchases a 50 percent interest in Cerity Partners, which was formerly HPM Partners.
The firm operates under a private partnership model, serving high-net-worth individuals, families and companies that sponsor financial wellness benefits for their executives and workforce.
The Chicago-based Blue Prairie Group is a fee-only registered investment advisor serving retirement plan sponsors, foundations, endowments and private clients.