Daybright Financial, a leading national firm specializing in employee benefits and retirement plans with a home base in Iselin, announced a significant acquisition on Wednesday. The firm has acquired Hessel & Associates, a respected pension consulting firm and Third-Party Administrator (TPA) based in Lincolnshire, Illinois. This move marks a major expansion of Daybright’s footprint into the Midwest.
Hessel & Associates was founded in 1979 by Paul and Wendy Hessel and has been led by their daughter, Brooke Hessel Cline, since 2011. The firm has grown to serve a strong client base of small to mid-sized employers with various retirement plans, including 401(k), profit sharing, and defined benefit plans.
As part of the acquisition, Brooke Hessel Cline will continue to lead the business as a managing partner within Daybright’s Private Sector Retirement Solutions segment. Hessel Cline noted that the shared culture and access to Daybright’s resources, technology, and expertise will support the firm’s continued growth.
Patrick Hale, head of Private Sector Retirement Solutions at Daybright Financial, praised the Hessel team, calling Brooke Hessel Cline “a highly successful, energetic leader with an impressive, experienced, and long-tenured team of retirement experts.”
Megan Schneider, CEO of Daybright Financial, expressed her excitement about welcoming the Hessel team, stating that the acquisition will add “strength to our Private Sector Retirement segment and support our expansion across the Midwest.”
The acquisition is part of Daybright Financial’s growth strategy, which has seen the company acquire more than 60 local and national firms since 2008. The company is now one of the largest independent, privately held firms in its sector, serving over 18,000 employer groups and 3.6 million plan participants nationwide.
