NFP To Acquire Bronfman Rothschild In Blockbuster RIA Deal

Business Wire

NFP Corp., a leading insurance broker and consultant and provider of wealth management, retirement and estate planning to high-net-worth individual clients, announced today that it will acquire wealth advisory firm Bronfman E.L. Rothschild, LP (Bronfman Rothschild).

Upon finalizing the acquisition, NFP will integrate Bronfman Rothschild with Sontag Advisory LLC (Sontag), a New York-based wealth manager, investment advisor, consultant, fiduciary, and subsidiary of NFP. The combined entity, to be led by the Sontag and Bronfman Rothschild management teams, will expand the resources and expertise available to clients of both firms. Subject to satisfying closing conditions [and receiving regulatory approval], the transaction is expected to close in the second quarter of 2019.

Through Sontag’s involvement, this acquisition brings together personnel and resources to create a unified firm managing approximately $10 billion in combined assets for a range of individual and institutional clients. Howard Sontag, chairman of Sontag, will become chairman of the combined entity; Mike LaMena, president and chief operating officer of Bronfman Rothschild, will become chief executive officer; and Eric Sontag will become president and chief operating officer. A new brand strategy for the combined firms and their shared values will launch later in 2019.

Bronfman Rothschild is an independent Registered Investment Advisor based in Rockville, Maryland, with offices throughout the Midwest and East Coast. In providing advisory services to high net worth individuals, families, institutions and retirement plans, Bronfman Rothschild believes in a transparent, client-first approach to financial advice. Fueled by exceptional service, Bronfman Rothschild’s advisors build relationships based on trust and an unwavering commitment to understanding the uniqueness of each client journey. These principles are shared by Sontag and its philosophy of delivering client-centered, fee-based only services with no proprietary products.

“NFP continues to seize opportunities across all our businesses to strengthen capabilities and increase scale,” said Doug Hammond, chairman and CEO of NFP. “The vision to integrate two successful firms like Sontag and Bronfman Rothschild is now a reality that will drive tremendous growth in our wealth advisory business. Their common values and demonstrated client focus provide a strong foundation for even greater success together.”

“We are pleased to welcome Bronfman Rothschild to Sontag and the NFP family,” said Howard Sontag, chairman of Sontag Advisory. “Since our initial contact, it was clear their focus on comprehensive personalized and consultative wealth management services aligns remarkably well with our client-centric business.”

“We are thrilled for this new chapter and believe that as our two firms combine in the coming months, we will be well-positioned to continue expanding the meaningful suite of wealth management solutions we deliver to clients,” said Mike LaMena, Bronfman Rothschild president and COO. “We share similar cultures and believe this combination will positively impact both firms and, most importantly, our clients.”

About Sontag Advisory, LLC

Sontag Advisory, an NFP Corp. subsidiary, is a New York City based, independent registered investment advisory firm that serves clients in more than 30 states. Founded in 1995, Sontag Advisory acts as a wealth manager, investment advisor, consultant, and fiduciary. For more information on Sontag Advisory, please visit www.sontagadvisory.com.

About Bronfman E.L. Rothschild, LP

Bronfman Rothschild grows and preserves wealth through thoughtful and disciplined strategies that focus on what’s most important to each client. Our in-house research capabilities and the collective expertise of our team are supported by our collaborative, client-focused culture. With 100+ employees in ten offices, we adhere to a high standard of fiduciary care and seek to form a true and objective partnership with each client.

About NFP

NFP is a leading insurance broker and consultant that provides employee benefits, property and casualty, retirement and individual solutions through our licensed subsidiaries and affiliates. Our expertise is matched by our commitment to each client's goals and is enhanced by our investments in innovative technologies in the insurance brokerage and consulting space.

NFP has more than 4,900 employees and global capabilities. Our expansive reach gives us access to highly rated insurers, vendors and financial institutions in the industry, while our locally based employees tailor each solution to meet our clients' needs. We've become one of the largest insurance brokerage, consulting and wealth management firms by building enduring relationships with our clients and helping them realize their goals.

Recently NFP was named the 2nd largest retirement plan aggregator firm, as ranked by Investment News; the 5th largest US-based privately owned broker, the 5th best place to work in insurance and the 6th largest benefits broker by global revenue by Business Insurance; the 9th largest property and casualty agency by total 2016 P&C revenue and the 9th largest commercial lines agency by total 2016 P&C and commercial lines revenue by Insurance Journal; the 10th largest employee benefits broker by Employee Benefit Adviser; the 11th largest broker of US business by Business Insurance; and the 12th largest global insurance broker by Best's Review.

For more information, visit NFP.com.