Hanson McClain Advisors announced plans to acquire Simply Money Advisors, giving the company a total of about 6,000 clients and $3.3 billion in total assets under management.
Sacramento, Calif.–based firm Hanson McClain is an independent investment advisory firm. It agreed to the acquisition after reaching out to private equity firm Parthenon Capital Partners for assistance with its growth strategy in 2017, according to a press release.
The financial terms of the acquisition were not disclosed.
Simply Money, an independent investment advisor based in Cincinnati, has $780 million in AUM and Hanson McClain manages $2.5 billion assets.
Both firms specialize in retirement planning; yet, Simply Money has greater resources for their clients through its radio show, television appearances and informational blog posts, videos, and articles.
Hanson McClain spokesman Jasmin Flores said both firms will initially continue to operate independently, but will eventually unite under one brand.
Nathan Bachrach and Ed Finke, the co-founders of Simply Money, will maintain their senior leadership positions with the combined operations and continue to host their "Simply Money" daily radio show, according to the press relese.
Hanson McClain will continue to work in San Francisco, Sacramento, Calif., and Denver, while Simply Money will continue to operate out of Cincinnati.