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Simplicity Acquires First Income Advisors

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Simplicity Group Holdings, an insurance distributor, has acquired another distributor — First Income Advisors LLC.

Simplicity is a Summit, New Jersey-based company that has been an active buyer of life insurance, annuity and investment product distribution businesses. In April, it acquired Fidelity Financial Group of Houston.

(Related: Simplicity Acquires Annuity and Life Distributor)

First Income Advisors is an 8-year-old independent marketing organization (IMO) that’s based in Eden Prairie, Minnesota.

The firm has developed a mentoring program, the First Income Advisors Coaching Platform, that helps financial professionals learn how to market themselves, locate prospects, build an office, and close sales.

Simplicity and First Income Advisors are saying how much Simplicity is paying for the IMO.

Mike Steranka and Brian Gengler, First Income Advisors’ principals, now work for Simplicity, and they will start adopting the Simplicity Minneapolis brand immediately, Simplicity said earlier this week.

Steranka and Gengler will continue to manage the IMO operations, and the rest of the First Income Advisors team will also stay with the business, Simplicity said.

— Read Simplicity Group Acquires Davis Lifeon ThinkAdvisor.

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