United Capital Financial Advisers, LLC is acquiring the retirement plan consulting business of PSA Insurance and Financial Services, along with its wealth management practice.

United Capital’s PFE Group, the plan advisor arm of United Capital, will manage the newly acquired retirement plan practice, while wealth management clients will continue to work with the former PSA team in its new home.

In August of 2014, PFE Group and PSA partnered on advising PSA retirement plan clients. Mike Miller, senior retirement plan consultant, will continue to oversee this practice.

The PFE Group provides investment counsel to more than 65 qualified and nonqualified retirement plans totaling over $7.8 billion in plan assets. The acquisition from PSA of its retirement plan business adds another $1 billion to the plan assets that the PFE group has under management.

The PFE Group supports ERISA administrative committees by confirming and monitoring ERISA fiduciary compliance, conducting investment manager evaluations (search and selection) and monitoring and reporting on plan and manager performance on an ongoing basis.

Read: CAPTRUST and MFP Strategies merge

PFE is an ERISA fiduciary of every plan it advises.

Read: NFP acquires 401(k) Management Group and Campbell's Administration

PSA will continue to serve more than 4,000 commercial enterprises and 6,000 individual clients in its employee benefits, commercial risk management and personal lines divisions.

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