Integrity expands life, health and wealth platform by acquiring Gladstone Wealth Partners
Integrity Marketing Group, LLC ("Integrity"), a leading distributor of life and health insurance, and provider of wealth management and retirement planning solutions, today announced it has entered into an agreement to acquire Gladstone Wealth Partners, LLC ("Gladstone"), a pioneering wealth management firm and registered independent advisor (RIA) with over $13 billion in assets under management.
As part of the acquisition, Robert Hudson, Founder and Chairman of Gladstone Wealth Partners, and Richard Frick, CEO of Gladstone Wealth Partners, will become Managing Partners in Integrity. Financial terms of the acquisition were not disclosed, and the transaction is scheduled to close upon regulatory approval.
In 2012, Hudson founded Gladstone Wealth Partners to fill critical gaps in service and support he had personally encountered as an independent financial advisor. Today, Gladstone is a respected hybrid wealth-management platform offering an open architecture, multi-custodial RIA platform and access to a full-service broker-dealer offering. Guided by executives with unmatched experience from wirehouses, independent enterprises and leading financial institutions, Gladstone advisors stay closely connected to senior leadership while building and growing their own firms. Advisors are empowered to develop and execute financial plans designed to build long-term wealth for clients. In turn, Gladstone helps mitigate advisor risk and simplifies the transition to independence by centralizing business functions, such as compliance, marketing and operations. Having experienced impressive and consistent growth, Gladstone advisors now oversee more than $13 billion in assets under management. Additionally, they have achieved steady and significant expansion in their assets, resulting in a remarkable 108% compound annual growth rate (CAGR) over the past three years.
"Successful financial planning should holistically include life, health and wealth solutions, to help clients pursue their lifelong financial goals," shared Bryan W. Adams, Co-Founder and CEO of Integrity. "The addition of Gladstone Wealth Partners to the Integrity family means that we can serve the life, health and wealth needs of Americans better than ever before as we help them plan for the good days ahead. Rob Hudson and Rick Frick are dynamic and forward-thinking leaders who recognize the power of comprehensive planning like few others. Their spirit of innovation will fit in perfectly at Integrity, and we're honored to welcome them into our expanding network of partners. Gladstone's wealth management expertise combined with Integrity's strength in marketing, technology and product distribution will give rise to far-reaching new solutions. The impact we'll make together will change our clients' lives for the better."
"Just like Integrity, we understand that advisors need specialized support as independent advocates for their clients — and we're dedicated to ensuring their success," explained Hudson. "Through this partnership, we can deliver enhanced technology and a full suite of products and services to our advisors in order to meet the spectrum of clients' needs now and well into the future. Integrity and Gladstone are building a life, health and wealth offering that is unique in the market. I believe we will fundamentally transform many core aspects of financial planning, and I can't wait to get started."
Through Integrity's insurtech platform, Gladstone will have access to robust technology optimized by deep data insights and constant product development. The Integrity platform includes proprietary resources, such as actionable lead generation systems, real-time quoting and enrollment solutions, and powerful software solutions for everyday and nuanced challenges. Gladstone advisors can leverage the scale of a larger organization by utilizing Integrity's business infrastructure to further streamline business services and administration. Centralized offerings include People & Culture, Technology & Innovation, Legal & Compliance, and access to a world-class advertising and marketing platform.
"At Gladstone, we empower advisors to grow from a practice into a firm and ultimately, to be part of an enterprise that brings the full resources of Wall Street to Main Street," explained Frick. "The true power of this partnership is in how it will enhance our ability to deliver comprehensive planning to more Americans faster than we ever could on our own. Gladstone is growing by over 100% a year, and by partnering with Integrity, we believe our growth will accelerate even faster as more advisors catch the vision of serving the full scope of client needs — from life and health insurance to protecting assets and planning for a secure retirement. Through this transaction, many of our existing Gladstone advisors will become equity owners in Integrity, which will enable them to participate in the future appreciation of our combined business. Recruiting and serving the industry's premier financial advisors has always been a core strength of ours and I have never been more excited about the future of our business, our partners, our advisors and their clients than I am today."
Gladstone's leadership team is a welcome addition to Integrity's extensive and diverse partner network. Hudson and Frick join the elite ranks of fellow industry icons who are deeply committed to innovating insurance and wealth management through data insights and experience-based collaboration. Their commitment has refined best practices and shaped strategies that streamline and improve processes for agents and advisors, and more holistically protect the life, health and wealth of consumers.
"At Integrity, our goal is to help all Americans make the most of what life brings," said Tom Dempsey, Chief Distribution Officer at Integrity. "Rob and Rick have built an incredible platform that provides their advisors with the resources and support they need to help clients make the most of their assets and fund the retirement they deserve. Bringing Gladstone into the Integrity family gives us the opportunity to serve more advisors and their clients. There is a huge need for comprehensive wealth management and financial planning in America today, and Integrity and Gladstone are well positioned to meet it together."
Through this partnership, Gladstone employees also receive the remarkable benefit of meaningful company ownership through Integrity's Employee Ownership Plan.
"Though we started in different market segments, the business models and missions of Gladstone and Integrity are very similar — providing Americans with peace of mind by supporting the agents and advisors who serve them," continued Bryan W. Adams. "This partnership will be a powerful catalyst for incredible collaboration among agents and advisors from both organizations as we work to address comprehensive life, health and wealth protection. We've arrived at a historic moment where two essential industries come together as one, and we are thrilled that Gladstone is joining Integrity to better serve all Americans with holistic planning."
Ardea Partners served as exclusive financial advisor to Gladstone.
Integrity, headquartered in Dallas, Texas, is a leading distributor of life and health insurance, and provider of innovative solutions for wealth management and retirement planning. Through its partner network, Integrity helps millions of Americans protect their life, health and wealth with a commitment to meet them wherever they are — in person, over the phone and online. Integrity's cutting-edge technology helps streamline the insurance and financial planning experience for all stakeholders. In addition, Integrity develops products with carrier partners and markets them through its nationwide distribution network. Integrity's nearly 6,000 employees work with approximately 500,000 agents and advisors who serve more than 11 million clients annually. In 2022, Integrity will help carriers place almost $20 billion in new sales and oversee more than $30 billion of assets under management and advisement through its RIA and broker-dealer platforms. For more information, visit www.integritymarketing.com.
About Gladstone Wealth Partners
Gladstone Wealth Partners was founded in 2012 and launched its RIA in 2015. It has expanded to now oversee more than $13 billion in assets under management, led by their leadership team consisting of Robert Hudson, Richard Frick, Keith Brothers, Kristopher Bonocore and Phil Marchetti. As one of the fastest growing hybrid RIAs in the wealth management industry, Gladstone is known for assisting advisors as they set up and establish their own independent advisory practice. This includes helping advisors better serve their clients, run their businesses more profitably, grow faster and enhance their enterprise value. For more information, visit www.gladstonewealth.com.