IA Financial Corp. to retire Richardson brand post acquisition

IA Financial Corp. will retire the Richardson brand name 30 months after iA’s acquisition of RF Capital Group closes, IA said in an email.

On Monday, iA announced plans to buy RF Capital, Richardson Wealth’s parent company, for $597 million. The deal is expected to close in the last quarter of the year.

While Stephan Bourbonnais, executive vice-president of wealth management at iA, said he wants to keep the Richardson Wealth, Investia, and iA Wealth channels distinct, with each brand having a separate executive team, the Richardson name will be retired.

“We confirm that the licence agreement, which allows RF Capital to use the Richardson name, will remain in place for a period of 30 months following closing,” iA said in an email.

Dave Kelly will continue to serve as president and CEO of RF Capital through the acquisition and will ensure a smooth transition of the business afterwards, iA said.

“My focus is on executing company’s strategic plan and ensuring a smooth transition of the business following the closing,” Kelly said in an email. “I’ve spent the days since we announced the transaction meeting with our advisors and staff, and it’s clear from their enthusiasm that our people appreciate the many benefits of the combination — including access to technology, product innovation and operational scale, all while retaining advisor independence.”

Neither iA nor RF Capital confirmed whether or when Kelly plans to retire.

Jonathan Got

Jonathan Got is a reporter with Advisor.ca and its sister publication, Investment Executive. Reach him at jonathan@newcom.ca.