Terms of the transaction were not disclosed.
Headquartered in a suburb of Philadelphia, Wealth Advisory Group was established in 1993 by Richard Craft and Michael Bass to provide sound investment advice for 401(k)/403(b) plans and high net worth individuals. In 2007, Corporate Benefits Alliance was founded to provide comprehensive employee benefits strategies for fully insured and self-funded health plans. CBA and WAG work side-by-side, delivering holistic solutions for companies, nonprofits and individuals.
“We combine sophisticated technology and access to unique investment solutions with transparency and independence to provide customized financial solutions to our clients’ unique financial goals,” Craft, CEO of WAG, said. “We are determined to create a significant impact on the lives of our clients.”
“We know each of our clients is unique, which is why we don’t operate under a one-size-fits-all approach,” Bass, CEO of CBA, said. “Our team is comprised of some of the brightest minds in the benefits consulting business, so they are able to solve the complex health care challenges faced by our clients.”
“On behalf of the World family, I’d like to welcome CBA and WAG,” Rich Eknoian, co-founder and CEO of WIA, said. “They are a growing employee benefits and investment advisory firm and, as part of World, they will continue to grow as we expand these businesses.”
Giordano, Halleran & Ciesla provided legal counsel to WIA, and Reagan Consulting advised them on the transaction. MacElree Harvey provided legal counsel to CBA and WAG, and Sica Fletcher advised them on the transaction. No other advisers, diligence firms or legal counsel were disclosed.
Since its founding in 2012, World has completed 142 acquisitions and serves its customers from more than 162 offices in the U.S.