Hub Financial has acquired Complete Brokerage Services Inc., a Richmond, B.C.-based managing general agency.

The acquisition was announced March 1. Terms of the deal are confidential.

Chris DiSalle and Tony Bosch, principals of CBS, have joined Hub as executive vice president and chief sales officer and executive vice president, broker development respectively. In turn, John Lutrin, who previously held the position of EVP and chief sales officer at Hub, has now taken on the role of executive vice president, Wealth Management Division, said Terri DiFlorio, president of Hub Financial and Hub Capital in the announcement.

DiSalle, Bosch and Lutrin will report directly to DiFlorio. These individuals, along with Jamie Greenfield, Diana McKay and Ryan Bailey, form Hub’s Strategic Management Team.

Asked about the strategy behind this acquisition, Ms. DiFlorio told The Insurance and Investment Journal that the main benefit is strategic fit. “Chris DiSalle and Tony Bosch bring expertise to our Strategic Management Team that was not there. Chris’ experience, passion and focus will ignite our sales team and Tony’s ability to build and deliver top quality sales programs will set us apart in the MGA space.”

She added that CBS brokers already know HUB well since Hub Financial has served as their back office provider for many years. “They will get to see some of the other benefits HUB has to offer, creating a win-win situation.”

Mr. Bosch told The Insurance and Investment Journal that the key motivation for CBS to merge with Hub Financial “was to take our vision to a national audience.” In particular, CBS has developed and delivers the Masterworks Training Series and Compass Platform. These tools assist independent advisors with practice management and sales strategies.

“Our main goal is to literally merge the two value propositions. HUB has been known for their superior technology and back office administration and support. CBS Inc has focused on offering programs and tools for advisors at each stage of their business development…By bringing these together, we feel we can truly offer a unique value to our advisors, unparalleled in the industry.”

Is Hub Financial looking to make other acquisitions? Ms. DiFlorio observed that the industry landscape is changing fast. “We are always looking for strong acquisitions that fit well with our operations. We know the dangers of a bad acquisition and are very selective. Having said that, acquisitions are also incredibly sensitive in nature and I would prefer not to comment on any current discussions.”