Marsh & McLennan Agency acquires RJF Financial Services

18 April 2017 2 min. read

Marsh & McLennan Agency has acquired RJF Financial Services for an undisclosed sum. The Minnesota-based pensions advisory firm will continue to operate from its current premises, under the leadership of founded Jim McQuillan. The value of the deal has not been disclosed, and continues MMA's inorganic expansion strategy across the US mid-market benefits advisory space.

RJF Financial Services was founded by Jim McQuillan, who is now President, almost 20 years ago. The Minneapolis, Minnesota, based retirement advisory firm, supporting plan sponsors, participants, and business executives.

The acquisition, the value of which has not been disclosed, sees RJF Financial Services and its 13 professionals transfer to Marsh & McLennan Agency. The firms have had a respective working relationship with each other for a good number of years in the Mid-West region, the acquisition solidifying that relationship. RJF Financial Services will continue to work out of its current premises in Brooklyn Park. The acquisition continues the Marsh subsidiary’s continued inorganic expansion* in the mid-market advisory space in the US.

Marsh & McLennan Agency

Regarding the acquisition, Bill Jeatran, CEO of MMA’s upper Midwest region, remarks, “I have known and worked with Jim McQuillan and his firm for more than two decades and couldn’t be happier to formalise our business relationship. RJF Financial’s experienced and principled people are the right team to expand MMA’s retirement services capabilities into the upper Midwest.”

Reflecting on joining the larger firm, McQuillan says, “Our team is excited about the additional resources we can now bring to our clients, and eager to help build and grow the MMA retirement services practice in the Minneapolis area and throughout the upper Midwest.”

* In recent years, the firm has picked up a number of players across the market, including  Aviation Solutions, Corporate Consulting Services, Celedinas Insurance Group, Benefits Advisory Group, J. Smith Lanier & Co, iaCONSULTING and Blakestad.