IMA unit acquires retirement planning company
06/07/2012 6:43 PM
06/07/2012 6:43 PM
An investment unit of Wichita-based IMA Financial Group has bolstered its portfolio with the acquisition of Retirement Plan Solutions.
TrueNorth and its broker-dealer subsidiary, TrueNorth Securities, have added Retirement Plan Solutions, its three employees and its book of business, which TrueNorth officials said increases by 32 percent the retirement plan assets they service as broker of record. Those retirement plan assets total $520 million.
Financial terms of the deal were not disclosed.
Retirement Plan Solutions was started about 10 years ago by Michael O’Bryhim, who has more than 40 years experience in retirement planning and is now working as a consultant to TrueNorth. The other two RPS employees joining TrueNorth are Brendan O’Bryhim, vice president and retirement plan education specialist, and Heather Haines, vice president and retirement plan manager.
Michael O’Bryhim said he has done business with IMA and TrueNorth for a number of years, and the decision to merge came after a series of conversations in the past couple of years between him and company officials, he said.
David Strohm, TrueNorth president, said RPS is a good fit from a company culture perspective, as well as for a number of other reasons.
“The management philosophy is very similar as is the focus on the client. It also makes sense for us to bring on new associates like Brendan and Heather. They are top talent in the business, in the Kansas marketplace.”
Michael O’Bryhim said his motives for merging the company were driven by planning for his own retirement. He also said it is getting tougher for small firms such as his to keep up with the costs of increasing regulation in the industry.
“Absolutely,” O’Bryhim said. “The costs (of regulation) come down” with a larger organization.
Strohm said with the addition of RPS, True North has 16 employees, including three in Denver.