Iselin-based Daybright Financial has acquired Spectrum Pension Consultants, an independent retirement third-party administrator based in Tacoma, Washington.
The acquisition includes all of Spectrum’s affiliated companies.
Daybright Financial is one of the nation’s largest independent, privately held firms specializing in employee benefits, retirement plans, and all their associated compliance needs. Since 2008, it has grown by acquiring over 60 local and national firms that have been trusted members of their communities for decades.
Spectrum, founded in 1978 by Pano Koumantaros, has long been recognized as one of Tacoma’s most trusted and established pension consulting firms. Following Pano’s passing in 2005, leadership transitioned to his sons, Petros and Yannis Koumantaros, with support from their mother, Maria Koumantaros. Under their stewardship, Spectrum has experienced significant growth, both organically and through strategic acquisitions, and now serves clients nationwide.
As part of the acquisition, Petros and Yannis will continue to lead the business as Managing Partners within Daybright’s Private Sector Retirement Solutions segment. Maria Koumantaros will now fully retire.
Patrick Hale, head of private sector retirement solutions at Daybright, applauded the announcement.
“We’ve had Spectrum on our radar for quite some time, as they fit in perfectly with our strategy of joining forces with trusted brands and accomplished retirement experts,” he said. “The coming together of our businesses will enable us to better serve our collective clients and provide opportunities for all involved.”
Daybright CEO Megan Schneider agreed.
“We’re excited to welcome Petros, Yannis and the entire Spectrum team to Daybright,” she said. “In addition to supporting our expansion across the Pacific Northwest, they will add exciting new solutions and proprietary technology that can benefit all our clients.”
