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Navacord broadens benefits practice with new acquisition

Nicholas by Nicholas
July 17, 2023
in Business
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Navacord broadens benefits practice with new acquisition

Navacord has announced its acquisition of Belay Advisory, a benefits consulting and wealth advisory firm based in Alberta. 

This deal follows the burgeoning trend of P&C firms expanding their offerings into the financial services realm, in order to become a one-stop shop for their commercial and personal clients. An aging demographic among owners of small- and medium-sized retirement planning, wealth management and employee benefits firms has many considering buyouts from P&C brokerages to facilitate retirement.

“Benefits, retirement, and wealth and financial planning is pinpointed as a designated area of strategic growth for Navacord,” the release said.  

“As Canada’s fourth largest commercial brokerage, Navacord continues to prioritize amplifying their presence in this sector to create a leading national practice that provides their clients from coast-to-coast with unmatched group benefits, wealth and retirement services in addition to P&C insurance.” 

Based in Edmonton and Calgary, Alberta, Belay Advisory is a full-service benefits consulting and wealth advisory firm. Its founding companies were established in 1998 and, in 2006, the company became Belay Advisory.  

Belay founder and partner, John Goode, said the firm was drawn to Navacord “because of their decentralized model.” 

“Our dedication to our local clients and communities is paramount, and Navacord allows us to strengthen this commitment while also providing us the enhanced resources to support our clients and team through the future.” 

Navacord projects the current fiscal quarter will be characterized by diverse organic growth and progress on their strategic priorities, according to the release.  

 

Feature image by iStock.com/Just_Super


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