CVS just announced they are buying Aetna and a sign of further consolidation in the health care industry. We see consolidation in the retirement plan business so it’s not shocking to see a leading insurance broker decided to enter the retirement plan space.
Hub International, a leading insurance broker has acquired the assets of Summit Financial Corporation and Summit Financial Insurance Agency, Inc. (Summit). Summit provides plan design, consulting, actuarial, administration and investment-related services for both qualified and non-qualified employer-sponsored retirement plans, as well as, similar services for employee benefit plans.
When you’re a leading insurance broker with so many relationships with businesses, getting into the retirement place space might be a good idea s long as you’re able to cross-sell. Cross-selling has always been a great idea in the retirement plan business, from personal experience, it’s harder to make it work than you think.