Mid Atlantic is pleased to serve as the trustee for Paychex’s Pooled Employer Plan
Paychex Introduces a Pooled Employer Plan, A New Cost-Effective Retirement Plan for U.S. Businesses and Their Employees
PITTSBURGH & NEW ORLEANS–(BUSINESS WIRE)– EdgeCo Holdings, L.P. (“EdgeCo”) announced today it has entered into a definitive agreement with GWM Advisors LLC (“Goss Advisors”). Goss Advisors, a leading New Orleans-based RIA supporting independent financial advisors nationwide, will join EdgeCo’s wealth division, which includes the wealth management operations of Mid Atlantic Capital Group, Inc. (“Mid Atlantic”). The transaction is expected to close prior to the end of the year, subject to customary closing conditions.
“We founded this organization to give successful advisors more time, margin, flexibility, and resources so they could grow their practices”
Goss Advisors, honored as a Financial Times Top 300 Financial Adviser four years running, provides a platform for independent advisors to thrive in their individual practices. The firm, founded by industry veterans Jerry Goss, Alex Goss and Neil Turner, serves over 100 independent advisors nationwide with approximately $8 billion in brokerage and advisory assets.
This agreement with Goss Advisors marks the 6th transaction for EdgeCo, a leading provider of technology-enabled solutions for financial intermediaries and their clients. It also greatly expands the firm’s footprint in the wealth management business and its support for independent financial advisors.
“We are pleased to partner with Goss Advisors. They are revolutionizing the industry by delivering a flexible yet robust service offering for the independent advisor market. We’re excited to help them expand the tools, resources, and retirement offerings for their current and future advisors as well as introduce Goss Advisors’ concepts to Mid Atlantic’s existing partner base,” said Timothy Friday, Institutional Services Group CEO of Mid Atlantic.
For Goss Advisors, this agreement reinforces the continuation of its mission. “We founded this organization to give successful advisors more time, margin, flexibility, and resources so they could grow their practices,” remarked Alex Goss, CEO & Founder of Goss Advisors. Mr. Goss continued, “As part of EdgeCo, our access to its industry-leading technology and deep resources will allow us to ramp up our advisor recruiting efforts while enhancing our service levels and value proposition for our existing advisors. We consider our advisors to be family and we couldn’t be more thrilled about what this means for them.”
Executives of Goss Advisors will maintain significant ownership in the newly combined company and will continue to lead Goss Advisors while driving the overall wealth management division to new levels. All employees and offices will be retained as part of the transaction, resulting in continuity for all financial advisor partners of Goss Advisors.
Through its subsidiaries, EdgeCo is a leading provider of best-in-class technology-enabled solutions for financial intermediaries and their clients. For over four decades, EdgeCo companies have provided a suite of technology and support services including full-service retirement plan administration, brokerage, advisory, and trust and custody services to a diverse national client base of financial intermediaries. This client base includes registered representatives, investment advisors, and other financial intermediaries including retirement plan recordkeepers, TPAs, bank trust departments, broker dealers, and insurance companies. The firm services approximately $130 billion in client assets under custody or administration and more than 15,000 financial advisors and 500 financial institutions.
About Goss Advisors
New Orleans-based Goss Advisors is a rapidly growing partnership RIA built by financial advisors and collectively shared with other successful advisors and teams. The firm, which embraces a transparent approach to educating advisors on the myths of independence, continues to attract top-performing advisors from across the country. For more information, please visit www.gossadvisors.com.
Mid Atlantic announces the expansion of ModelxChange®, launching ModelxChange Gallery to provide 401(k) professionals with access to mutual fund and ETF portfolio construction and management from global asset managers. Models from BlackRock, Franklin Templeton, Federated Hermes and Janus Henderson are part of the initial launch, with more partners to be added soon.
“For advisors who do not wish to act in a 3(38) fiduciary capacity, ModelxChange Gallery is perfect! The asset manager simply provides Mid Atlantic Financial Management (MAFM) — a registered investment advisor and affiliate of MATC — the intellectual capital, allocation, and rebalancing instructions.”
Welcome to the Weekly Market Summary:
Recently we’ve launched the Mid Atlantic Weekly Market Summary to provide our clients with a quick review of the market across Equities, Fixed Income and Macroeconomic Data. Our goal is to gather the critical data points from the markets as we kick off another week and to keep it as brief as possible. We hope having these insights top of mind will help you navigate the week ahead.
Market Data as of Week Ending 04/24/2020 unless noted otherwise.
Stock prices generally declined for the week as investors consider the impact of continued weakness in near term demand for many goods and services. The price of oil was an area under considerable pressure, as the price of West Texas Intermediate crude oil slumped to historic levels. Small and medium sized businesses outperformed their larger counterparts which may indicate early signs of investor optimism toward the recovery. Developed foreign stocks in Europe and Asia also declined for the week and Emerging Market stocks lagged developed foreign markets.
U.S. Treasury yields narrowly decreased as demand in the treasury market remains high across a diverse group of investors. Below investment grade corporate bonds declined last week despite strong demand for new issuance. Investment grade corporate bonds are yielding just under 3% and high yield corporate bonds are yielding more than 8%.
Jobless claims rose 4.4 million last week, bringing the total to more than 25 million Americans who have filed initial claims for unemployment insurance since the COVID-19 crisis began. Other U.S. economic data such as existing home sales, manufacturing, services, and durable goods orders recorded significant declines for the month of March. On a positive note, the House of Representatives overwhelmingly passed a $484 billion spending bill to provide additional loans to small businesses and funding for coronavirus testing and hospitals.
Mid Atlantic Capital Group is pleased to welcome First Affiliated of the Chautauqua Region, LLC.
First Affiliated of the Chautauqua Region, LLC is headed by Dan Hocking and Joe Cerrie. Mr. Hocking and Mr. Cerrie have amassed 24 and 17 years of investment experience respectively. The group has had a relationship with Mid Atlantic for the past ten years utilizing one of the professional money managers on Mid Atlantic’s platform for their high net worth clients. First Affiliated of the Chautauqua Region, LLC employs a wide range of investment vehicles and services to provide experienced wealth management out of their office in Jamestown, New York.
First Affiliated of the Chautauqua Region, LLC is not a registered entity or a subsidiary or control affiliate of Mid Atlantic Capital Corporation or Mid Atlantic Financial Management, Inc.
Mid Atlantic is Proud to Introduce our 401(k) Composite Benchmark Report: Press Release
Available at no charge to current customers, the Mid Atlantic Trust Company’s 401(k) Composite Benchmark provides in-depth analysis of investment data from over 28,000 401(k) plans. The tool, which shows rankings across a wide range of plan sizes, industries and participant risk tolerance levels, empowers those responsible for the financial well-being of others to have access to an objective measurement of their own plan’s performance.
To sign up to receive this report on a quarterly basis please email marketing.
Mid Atlantic Completes Major Strategic Transaction with Parthenon Capital Partners and Waterfall Asset Management
- Mid Atlantic to invest further in client-centric tools, technology, and services
- Mid Atlantic to continue to expand product and service offering
- Newly formed holding company to pursue strategic acquisitions
Everhart Advisors was recently named 2018 PLANSPONSOR Retirement Plan Adviser of the Year.
Mid Atlantic Capital Group recognizes the uniqueness of financial advisors and the many business models that exists. That is why we listen, collaborate, and develop customized solutions for our business partners. We provide the structure, tools, and support that fits your model, enabling you to successfully grow your business.
To learn more about the ways Mid Atlantic can help you simplify your practice, contact John Wight at 800-693-7800 and firstname.lastname@example.org.
Mid Atlantic employees collect 4,257 items!
Last week, Mid Atlantic, in conjunction with loyal business partner Derek Fiorenza and his non-profit organization Fiorenza’s Food for Friends (F4), hosted its 3rd Annual Food Drive..
Staff were organized into three separate teams which enthusiastically came together to donate items such as canned tuna, canned fruit, beans, grains, pasta, and personal hygiene products. We saw a steady flow of donations up until the last day of the challenge, which is when things really heated up! Team members were racing out in a last minute push to win.
We are thrilled to report that Mid Atlantic employees raised a total of 4,257 items for our friends at the Oakland CHS Food Pantry. We are truly grateful to everyone involved for making the Mid Atlantic’s 3rd Annual Food Drive its most successful yet!