MBL Advisors Holdings, LLC has acquired Wachau Insurance Advisors, Inc. from Wachovia/Wells Fargo (NYSE:WFC)

April 6, 2009

MBL Advisors Holdings, LLC has acquired Wachau Insurance Advisors, Inc. from Wachovia/Wells Fargo (NYSE: WFC).   Wachau, formerly known as Barry, Evans, Josephs and Snipes, Inc. was acquired by Wachovia in 1999.  The firm is a national provider of unique, large scale wealth transfer plans for ultra high net worth individuals as well as corporate and executive benefit plans.  Originally founded in 1982, the firm has been a member of the M Financial Group since 1987.  The name of the firm was changed upon closing to MBL Advisors Inc.  The transaction was based on a change of control provision in the relationship between Wachovia and M Financial.  

Luther Lockwood, Managing Principal of MBL Advisors Inc. said, "Our team is excited about the opportunity to return to our roots as an independent boutique firm. We enjoyed our relationship with the people at Wachovia but the resources we depend upon from M Financial are critical to serving the specific needs of our clients."  MBL Advisors acquired the corporate charter, administrative systems, database, carrier relationships and most of the long term client relationships. 

Wachovia sold the original name of the firm and a limited number of clients last year to the son of one of the founders who was also active in the business.  A small number of clients will be retained by Wachovia/Wells Fargo and MBL Advisors Inc. will provide administrative services to Wells Fargo Insurance Services in those situations.

M Financial is a nationwide organization of independent insurance, investment and executive benefits firms serving the needs of ultra affluent individuals, family offices, corporate executives, successful entrepreneurs and Fortune 1000 companies.  For more information go to www.mfin.com.

MBL Advisors was represented in the transaction by Hugh L. McColl, Jr, Chairman of McColl Partners.  He added, "I've been a customer of the firm most of my business career and have always been pleased with the quality of their work.  They have been effective by sitting on the same side of the table as the buyer and building long term customer relationships.  I'm confident Luther and his team will thrive as an independent firm once again." 

Lockwood previously served as Managing Director-National Accounts for Wachovia Insurance Services and Managing Director of Wachovia's Executive Benefits Group.  He is currently the Chairman of the Association for Advanced Life Underwriter's Business Insurance and Estate Planning Committee and has served as President of both the Charlotte Estate Planning Council and the Charlotte Chapter of the Society of CLU and ChFCs.