Bank Financial Services Group And Meyer Chatfield Group Announce Mutual Combination

NEWTOWN, Pa. and JENKINTOWN, Pa., Nov. 1, 2018 /PRNewswire/ -- The principals of Bank Financial Services Group (BFS Group) and Meyer-Chatfield Group have created a new combined benefit and insurance plan administration and servicing entity, to initially conduct business as BFS-MC Group, and rebrand under a new name in the near future. 

Bank Financial Services – Meyer Chatfield Group (BFS-MC Group), will be dedicated to non-qualified benefit plan administration, as the "go-to" firm for unparalleled service and administration of institutionally-owned life insurance and non-qualified benefit plans in the financial institution marketplace. BFS-MC Group will continue to provide administration to the existing plans of BFS Group and Meyer-Chatfield Group clients through their proprietary Multi-Informational Network Tracking System (MINTS) platform. BFS Group and Meyer-Chatfield Group sales organizations will separate from benefit administration to operate independently and continue providing the same services and products to their clients as they have done over the years.  

The firm will have more than 750 clients with over 45,000 policies totaling in excess of $11B of cash surrender value. The new organization will consist of 35 corporate employees, located on the 3rd floor of 411 South State Street, Newtown, PA. More information can be found at bfsmcgroup.com.

William Borchert, CEO of BFS Group said, "Meyer-Chatfield has built a great reputation in compensation strategies since its founding, and as we looked to the future of our clients, partners and firm, we could think of no company more complementary to our own values than Meyer-Chatfield Group."

"Through this combination, we will administer the most expansive product suite possible in the financial services space," said Bennett Meyer, CEO of Meyer-Chatfield. "Existing clients will experience a seamless transition while benefitting from MINTS and our joint administrative teams which will allow us to provide optimal servicing, design and analysis."

"Both companies have built great organizations to serve the financial services industry," said Daniel Barbaree, President of BFS Group. "It is very exciting that by forming a combined administration entity, we will enhance our level of service and support to the sales teams and their clients."

The management team will be comprised of executives from both firms and Mr. Barbaree will serve as the President of BFS-MC Group.

Both companies were founded in the 1990s to provide the best solutions and services to improve the earnings of their clients. This mutually beneficial combination allows both companies to continue their commitment to delivering an exceptional client experience and support with a greater depth of expertise and breadth of solutions. BFS-MC Group will continue as the preferred firm for all benefit, compensation, insurance and BOLI needs, administering and servicing customized financial solutions that generate superior results for their clients' bottom lines.

ABOUT BANK FINANCIAL SERVICES GROUP
Founded in 1998, BFS Group became the leading provider of bank employee benefit plans and bank-owned life insurance (BOLI) in the Northeast after expanding in 2003 by contracting with producers in twelve regional sales offices around the nation. BFS Group furthered commitment to clients by developing a proprietary servicing platform (MINTS) and integrating strategic succession plans. Due to those efforts, we are proudly able to provide a secure and stable long-term support platform. With over 500 clients and $7 billion in assets under management, BFS Group is one of the industry's premier benefits and BOLI firms.

ABOUT MEYER-CHATFIELD
Meyer-Chatfield Group was founded in 1992, and expanded to approximately 250 clients throughout the United States with $4 billion of assets under management. The firm continued to grow, and developed a proprietary Supplemental Executive Retirement Plan (SERP) strategy known as Lifetime Income Non-Qualified Solution (LINQS+).

SOURCE BFS-MC Group