Northwestern Mutual says that two of its wealth management practices have combined to form a $1 billion firm.
Park Avenue Capital Planning, led by president Ben Feldman, has merged with Strongpoint Wealth Advisors, led by president Peter Tiboris, forming Park Avenue Capital in New York, according to Northwestern Mutual.
Feldman and Tiboris are part of Northwestern Mutual’s private client group that caters to high-net-worth clients, the company says.
“Ben and I have been peers for close to 20 years, and I’ve always admired his work ethic, his creativity, and his approach with clients,” Tiboris said in the announcement. “Our strengths complement each other well, and I’m excited to bring the best of both worlds to the marketplace.”
The company didn’t disclose the financial terms of the deal.
Founded more than 165 years ago, Northwestern Mutual focuses on financial planning through investments and insurance and has more than $570 billion in combined company and client assets, according to the firm.
The company tied for third place with Charles Schwab in J.D. Power’s recent survey of investor satisfaction with investment advisors, coming in behind UBS and Vanguard.
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