Fulton Bank in Lancaster, Pa., this week announced it bought BenefitWorks Inc., a registered investment advisor in Lebanon, Pa., that provides investment advisory services and qualified retirement plan recordkeeping to clients in the Mid-Atlantic region.
The terms of the deal weren’t disclosed.
According to the firm’s Form ADV, BenefitWorks began as Trefsgar and Co. Inc. in 1984 as a recordkeeping firm, and has since evolved into a full-service recordkeeping and investment advisory company. It changed its name to BenefitWorks in 2007. The principal owners are Brooks N. Trefsgar and his son, Brooks R. Trefsgar.
The firm had roughly $177 million in assets under management as of this year’s third quarter. It operates in four business segments: employee benefit consultants; retirement plan recordkeepers; investment advice to trustees of qualified retirement plans; and investment management service to individuals and trusts.
Fulton Bank, a subsidiary of publicly traded Fulton Fulton Financial Corp., has about $12 billion in assets under management through its wealth and investment management division, Fulton Financial Advisors.
According to the press release announcing the deal, Fulton said its purchase of BenefitWorks will expand its reach in Central Pennsylvania. BenefitWorks will initially operate as a separate subsidiary of Fulton Bank, but its clients will be transitioned to the Fulton Financial Advisors platform over the next several quarters.