Following the announcement that Hub Financial Inc. has acquired nine remaining BridgeForce Financial Group entities, TruStone Financial Inc. announced that it would part ways with those companies.
Six financial services firms, formerly BridgeForce members, were purchased by Empire Life Insurance Company in 2022 and amalgamated into one managing general agency (MGA) under the TruStone banner. At the time, the company said it would continue to operate as a member of BridgeForce. Following the acquisition announced by Hub, however, the Empire Life subsidiary announced that the firms would separate.
Andrew Fink, president of Hub Financial following the announcement said the firms would work together for an amicable separation of shared operations.
Going forward, the firms acquired by Hub – Achievex Financial Services Inc., W.C.S. Achievex Financial Services, Achievex Inc., Allen Wong & Associates Agency Ltd., BridgeForce Financial, Cinaber Financial Inc., Ontario East Insurance Agency, W.C.S Financial Services and Joseph B. Woodyatt Insurance Agencies – will continue operating as BridgeForce, powered by Hub, under Hub Financial.
Both Mari-Jayne Woodyatt and Allen Wong will continue as key leaders of BridgeForce, powered by Hub. “It should be noted the entire leadership team and staff of the various BridgeForce groups named are also joining Hub Financial,” Fink adds in a statement to the Insurance Portal.
“We believe that this transaction helps us build a wall around unencumbered independent advice in Canada. Our collective scope, resources and aligned philosophy make us the obvious choice for advisors valuing independent support for their practices.”