Alera Group Acquires Virginia-Based Ascent Group

Insurance and investment firm Alera Group announced its acquisition of Virginia Beach-based The Ascent Group and affiliated companies.

The acquisition adds significant assets under management to two Alera Group divisions: approximately $1.5 billion within Alera Group Wealth Services’ registered investment advisor (RIA) business and $1.3 billion within Alera Group Retirement Plan Services.

The Ascent Group’s affiliated companies include Virginia-based Summit Group, led by Jeff Silverman, and Pennsylvania-based Walsh & Nicholson Financial Group, led by Brian Walsh. Overall, The Ascent Group employs 42 associates including 15 financial advisors.

The firm was created in 2021 by Silverman and Walsh together with Michael Moss, its CEO, who oversees development and marketing of the firm’s proprietary investment infrastructure. For Alera Group Wealth Services, the additional RIA business of $1.5 billion adds to approximately $6 billion assets under management for a total of $7.5 billion to end 2022, according to the announcement.

The Ascent Group’s investment infrastructure includes a turnkey asset management program.

Alera Group, which is headquartered in Deerfield, Illinois, reports more than $1 billion in revenues. It has 4,000 employees in more than 180 offices.

Terms of the transaction were not disclosed.

About Alera Group

Alera Group is an independent, national insurance and wealth management firm with more than $1 billion in annual revenue, offering comprehensive employee benefits, property and casualty, retirement plan services and wealth services solutions to clients nationwide. By working collaboratively across specialties and geographies, Alera Group’s team of more than 4,000 professionals in more than 180 offices provides creative, competitive services that help ensure a client’s business and personal success. For more information

Topics Mergers & Acquisitions Virginia