NFP, a New York City-based insurance broker and consultant, has acquired Fiduciary Investment Advisors LLC (FIA), an independent investment consulting firm headquartered in Windsor, Conn., the company announced today.

Details of the transaction, which closed on April 1, were not available.

The acquisition will create a unified firm with seven office locations, managing $200 billion in client assets in 47 states nationwide.

NFP is integrating FIA with DiMeo Schneider & Associates LLC, a Chicago-based national investment consultant and NFP subsidiary serving retirement plans, nonprofit organizations and private clients. The new entity, led by DiMeo Schneider and FIA management teams, will operate independently under the DiMeo Schneider brand.

According to Doug Hammond, chairman and CEO of NFP, the merger of their companies will improve business for everyone.

"I am thrilled to welcome FIA to the NFP community," said Hammond. "DiMeo Schneider maintains a strong presence in the institutional market defined by independence, long-term relationships and sustained growth and success. With aligned values, a talented team of professionals, and a commitment to collaboration, these two highly regarded firms are even better together."

DiMeo Schneider and FIA have served the same clientele for years: retirement plans, endowments and foundations, and private clients. Following the merger, the companies will continue to serve the same client base, but under a new executive team.

Robert DiMeo, managing partner of DiMeo Schneider, will become CEO of the new company. Mark Wetzel, president of FIA, will assume the position of president in the new entity. They will lead a team of 180 professionals.

"We have great respect for what Mark and his team have built, their approach to the business, and how they serve clients," DiMeo said in a news release. "We look forward to learning from each other, working together to enhance opportunities for our employees and clients and increasing our ability to help current and future clients prosper."

"DiMeo Schneider has an exemplary culture and commitment to clients,” Wetzel said in the release. “This combination is consistent with FIA's history of seizing opportunities that elevate the value we deliver to our clients."

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