World Insurance Associates LLC in Tinton Falls acquired Corporate Benefits Alliance Inc. and Wealth Advisory Group Inc. of Berwyn, Pa., on March 1.
Financial terms of the transaction were not disclosed.
WAG was established in 1993 by Richard Craft and Michael Bass to provide investment advice for 401(k) and 403(b) plans and high net-worth individuals. In 2007, they founded CBA to provide comprehensive employee benefits strategies for fully insured and self-funded health plans. The two companies work together to deliver solutions for companies, nonprofits and individuals, according to a March 24 announcement about the acquisition.
“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,” said WAG Chief Executive Officer Craft. “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,” said CBA Chief Executive Officer Michael Bass. “Our team is comprised of some of the brightest minds in the benefits consulting business, so they are able to solve the complex healthcare challenges faced by our clients.”
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.
