Five advisory teams that make up nVision Wealth Group are joining IHT Wealth Management, in part to gain resources needed to comply with the Department of Labor fiduciary rule, the firms announced recently.

nVision, a regional hybrid RIA group and super office of supervisory jurisdiction, is partnering with IHT Wealth Management, a wealth management firm based in Chicago. Both firms are affiliated with LPL Financial.

“Our industry's new fiduciary era demands that each advisor devote more attention than ever before in thoroughly understanding the unique needs of each client relationship,” nVision said in a statement. “It's incumbent, therefore, on every independent advisor to continuously seek new ways and fresh approaches to deepen each client engagement they have. Viewed through this prism, our decision to affiliate with IHT was a very logical decision, and we're excited about everything we can achieve in partnership with our new Super-OSJ going forward."

Steven Dudash, IHT founder and president, added, "Increasingly, smaller and mid-sized Super-OSJ groups will be compelled to consider aligning with larger players in this post-DOL environment.”

During the on-going debates about the DOL rule, the argument was made that the complexities of complying with the rule would force smaller firms out of business. A trend toward consolidation of small firms with larger ones is now happening.

IHT Wealth Management, based in Chicago, is a national super-OSJ focused on retail investors and company retirement plans with more than $1 billion in brokerage and client assets. Under the terms of this agreement, the five Kansas-based independent financial advisory practices that comprise nVision will transition their RIA assets to IHT’s platform and join the firm’s super-OSJ, gaining access to a greater set of resources.

nVision Wealth Group was formed in 2014 by Mike Osborne, David Wernli and Paul Ward. The five independent practices have $570 million in fee-based advisor, brokerage and retirement plan assets. The five practices, all in Kansas, include nVision Wealth in Overland Park; Spencer, Wernli & Wilson Advisors in El Dorado; Spencer, Wernli & Wilson Advisors in Augusta; Tall Oaks Advisors in Overland Park; and Castle Wealth Management in Overland Park.