Financial services provider Northwestern Mutual has taken a majority stake in ClientWise, a business and executive coaching and consulting firm for financial professionals in New York.
The firms did not reveal the financial terms of the transaction or the size of the stake.
ClientWise will now offer consulting and practice management resources to Northwestern Mutual’s financial advisers.
ClientWise will retain its operational independence even after the deal, Northwestern Mutual said.
ClientWise CEO and founder Ray Sclafani said: “We are excited to partner with Northwestern Mutual to support their financial advisers as they tackle these challenges, help their clients make financial decisions with confidence, and build enterprise value for their firms.”
Northwestern Mutual president Greg Oberland said: “As more of our advisers build their wealth management practices, we want to ensure they have the strategic and operational resources they need to excel in serving their clients and running their businesses.
“Our investment in ClientWise, which has a strong track record of success in coaching advisers to grow and advance their practices, allows us to bring this expertise to more of our team, while also supporting ClientWise in growing its own industry presence.”