In another example of consolidation in the managing general agency (MGA) space, Woodbridge, Ont.-based Hub Financial Inc. has acquired Richmond, B.C.-based Complete Brokerage Services Inc.

The acquisition, which Hub announced on Friday, is effective immediately. It adds approximately 300-400 advisors – most of who are based in B.C. – to Hub’s cross-country insurance distribution network.

“It’s one of the largest acquisitions that we’ve done, and certainly the largest we’ve done in a number of years,” says Terri DiFlorio, president of Hub Financial.

The two firms had been working closely together for the past 13 years, with Hub providing back office services and administrative support to Complete Brokerage Services’ advisors.

“The two firms have always been very closely tied, and over the last little while, we’ve recognized that there was a huge opportunity there and that together, we’re much stronger,” says DiFlorio. “Having worked so closely for many years, we know the firms fit very well together.”

Chris DiSalle and Tony Bosch, the principles of Complete Brokerage Services, will both join Hub’s management team. DiSalle will serve as executive vice president and chief sales officer, and Bosch will serve as executive vice president, broker development.

“The expertise that Chris and Tony bring to the table is something we’re really excited to add to our team,” says DiFlorio.

As a result of the acquisition, Hub advisors will see their training program change “drastically”, according to DiFlorio. Complete Brokerage Services has a comprehensive broker training program in place, with resources catering to both rookies as well as experienced advisors.

In contrast, Hub has previously had few in-house offerings in this area. Since the firm had been planning on introducing a new broker development program, the acquisition of Complete Brokerage Services was particularly attractive, DiFlorio says.

“They just had a fabulous system,” she says. “Now we’re bringing it in, and we’re able to offer tried, tested and true broker development programs.”

Hub also announced on Friday that John Lutrin, who was previously executive vice president and chief sales officer, will assume the role of executive vice president, wealth management division. His primary responsibility will be the growth of Hub’s mutual fund dealership, Hub Capital Inc., along with enhancing the investment product shelf and segregated fund sales.