The Richards Group, Inc.

What The Richards Group, Inc. does

The Richards Group, Inc. is a full-service independent insurance brokerage and advisory firm founded in 1867 and headquartered in Brattleboro, Vermont. As of December 31, 2025, the firm operates as a subsidiary of IMA Financial Group (the 20th-largest U.S. insurance brokerage), under the brand 'The Richards Group, an IMA Company,' while retaining local offices and leadership. The firm operates 13 physical offices across Vermont and New Hampshire and serves approximately 28,000 clients across Vermont, New Hampshire, and Massachusetts.

The company's core product portfolio spans personal insurance (homeowners, auto, umbrella, motorcycle, snowmobile, boat, flood), commercial insurance (property, general liability, business auto, workers compensation, equipment, cyber liability), employee benefits (health, dental, vision, life, disability), wealth management and retirement plans (through TRG Investment Advisors, LLC, a Registered Investment Adviser), and Total Rewards/HR consulting (leadership development, compensation analysis, wellness, safety, OSHA compliance, recruiting). As an independent agency, the firm aggregates access to 40+ insurance carriers including Anthem, Aetna, Blue Cross Blue Shield, CIGNA, Chubb, Liberty Mutual, and Travelers, and is an owner of the Northern United Agents Alliance (NUAA). Proprietary service differentiators include in-house claims settlement authority for routine claims and a non-proprietary investment advisory approach.

Revenue is generated through four streams: insurance commissions from personal, commercial, and specialty lines (recurring, commission-based); employee benefits consulting fees (professional services); wealth management and retirement plan advisory fees (recurring); and HR consulting fees (professional services). Go-to-market is sales-led through local offices, supplemented by inside sales via a 1-800 line, online quote requests, and channel partnerships (notably the Vermont Retail and Grocers Association endorsement covering ~800 retail stores and 250 suppliers with a 17-year dividend program). Customers span individual consumers, SMBs, and institutional verticals with documented specialization in healthcare, education, and nonprofit organizations. Recent growth was driven by a serial acquisition strategy (Lawrence & Wheeler 2022, W.H. Shaw 2023, Washburn & Wilson 2024, Burlington Insurance Agency 2025-2026) that expanded the office footprint before the IMA Financial Group acquisition.

Name

The Richards Group, Inc.

Legal name

The Richards Group, Inc.

Website

https://therichardsgrp.com

Company type

Private

Founded year

1867

Operating status

Operating

Headcount range

101–250 employees

Short description

The Richards Group is a 159-year-old independent insurance brokerage and advisory firm, now operating as a subsidiary of IMA Financial Group, serving 28,000+ clients across Vermont, New Hampshire, and Massachusetts through 13 offices. It provides personal and commercial insurance, employee benefits, wealth management, retirement plans, and HR consulting with specialization in healthcare, education, and nonprofit sectors.

Ownership category

akta.pro rank

Product category

Insurance Brokerage & Financial Services

NAICS

Agencies, Brokerages, and Other Insurance Related Activities (5242), Portfolio Management and Investment Advice (523940)

SIC

Insurance Agents, Brokers & Service (6411), Investment Advice (6282)

akta.pro primary industry

Insurance-Integrated Wealth Managers (RIA + Insurance Solutions) (FSAAACAI)

Keywords

• Independent insurance brokerage
• Commercial insurance services
• Employee benefits consulting
• Wealth management advisory
• Risk management solutions

Headquarters

HQ city

Brattleboro

HQ country

United States

HQ region

North America

Offices13 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Insurance Commissions: Commission-based revenue from personal insurance (homeowners, auto, umbrella, motorcycle, snowmobile, boat), commercial insurance (property, liability, workers comp, business auto, umbrella, equipment), and specialty lines (cyber liability). Commissions earned from multiple insurance carriers as independent agency.
2. Employee Benefits Consulting: Revenue from designing and administering employee benefit plans including health insurance, dental, vision, life insurance, and retirement plans. Services include plan design, budgeting strategies, wellness expertise, and compliance insights.
3. Wealth Management & Retirement Plans: Investment advisory and retirement plan consulting services through TRG Investment Advisors, LLC dba TRG Retirement Plan Consultants (Registered Investment Adviser). Non-proprietary products from various companies with independent advisor approach.
4. Human Resources Consulting: HR consulting services including leadership development, compensation analysis, recruiting, fiduciary stewardship, safety consulting, and compliance services.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels6 records

Core offering

The Richards Group is a full-service independent insurance brokerage and financial services firm offering personal and commercial insurance, employee benefits, wealth management, retirement plan consulting, and HR consulting services. Operating as an independent agency, it represents 40+ insurance carriers rather than selling proprietary products, providing clients with unbiased market access and in-house claims handling. Following its December 31, 2025 partnership with IMA Financial Group, the firm operates as 'The Richards Group, an IMA Company' across 13 offices in Vermont and New Hampshire.

Product overview

The Richards Group is a full-service insurance and financial services firm offering a unified portfolio of products across personal insurance, commercial insurance, employee benefits, wealth management, and retirement plans. The core offerings include personal and commercial insurance products, employee benefits consulting, and investment/retirement advisory services. Additional services include HR consulting, wellness programs, safety consulting, and Medicare enrollment assistance through the SmartConnect partnership. The firm operates as a broker representing multiple insurance carriers to provide comprehensive risk management solutions.

Differentiator

Problem solved

Functional benefit

Brands

• TRG Investment Advisors, LLC dba TRG Retirement Plan Consultants: Registered Investment Adviser providing retirement plan consulting services.

Products and services

• Personal Insurance Comprehensive personal insurance coverage for individuals and families, including homeowners, auto, renters, condominium, snowmobile, umbrella, motorcycle, flood, and boat insurance, sourced through multiple carrier partnerships.
• Commercial Insurance Business insurance products covering commercial property, general liability, business auto, workers compensation, umbrella liability, equipment/tools, and cyber liability for businesses across New England.
• Employee Benefits Comprehensive employee benefits solutions including health insurance, dental, vision, life insurance, and disability coverage offered to employers through various carrier partnerships.
• Wealth Management Investment advisory and wealth management services providing independent, unbiased financial advice with access to non-proprietary products from multiple providers for individuals and employers.
• Retirement Plans Retirement plan consulting and administration services for employer-sponsored plans, delivered through TRG Investment Advisors, LLC dba TRG Retirement Plan Consultants, a Registered Investment Adviser.
• Human Resources Consulting (Total Rewards / HR Services) Human resources consulting services for employers, including leadership development, compensation analysis, recruiting, safety consulting, wellness programs, and fiduciary stewardship, delivered as part of the Total Rewards platform.

Quantifiable outcome

• 11 consecutive years recognized as Best Places to Work in Vermont (2016-2026)
• +4 more outcomes

Named customers5 records

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Four partnerships are on record, tiered core and supporting.

• IMA Financial GroupcoreStrategic or Co-development Partner · 31 December 2025Strategic partnership effective December 31, 2025, integrating The Richards Group into IMA Financial Group's national platform. The Richards Group's 160 employees and 28,000 clients join IMA, with local offices and leadership maintained. Employees become IMA shareholders. IMA gains its first New England footprint and healthcare, education, and nonprofit sector expertise. IMA is the 20th-largest U.S. insurance brokerage.
• SmartConnectsupportingGTM or Marketing Partner · 7 October 2022Medicare guidance and enrollment partnership providing Medicare-eligible clients with individual consultations to understand Medicare options including Parts A, B, Prescription Drug Plans, Medicare Supplement, and Medicare Advantage plans. Service available at no cost to clients.
• Vermont Retail and Grocers Association (VRGA)supportingChannel Partner/ Reseller/ Distributor · 26 September 2017VRGA endorsed The Richards Group to manage its commercial insurance program for VRGA members. Program includes property, liability, auto, and workers compensation coverage with dividend program averaging 6% over 17 years. Represents approximately 800 Vermont retail stores and 250 suppliers.
• Northern United Agents Alliance (NUAA)supportingStrategic or Co-development Partner · 30 August 2017The Richards Group became an owner of NUAA, joining Davis & Towle Insurance Group and Eaton & Berube Insurance Agency at the ownership level. NUAA is an alliance of independent insurance agents in New Hampshire, Massachusetts, and Vermont dedicated to providing high-level client service through carrier partnerships.

Scale indicators6 records

Recent moves7 records

Expansion highlights5 records

Broad incumbents

• Hub International: Hub International is a top-10 global insurance brokerage with significant New England presence through its acquisition-driven model. It competes across commercial, personal, and benefits lines and shares TRG's pattern of acquiring regional agencies to build local density.
• USI Insurance Services: USI is a large national insurance brokerage with a broad multi-line offering spanning P&C, employee benefits, retirement, and personal lines. It serves mid-market and larger clients across the U.S. and competes with TRG's commercial and benefits segments, particularly through its New England offices.
• Acadia Insurance / Acrisure regional agencies: Acrisure is a top-10 global insurance brokerage built almost entirely through acquisition of regional agencies, including many across New England. It competes with TRG-IMA across commercial and personal lines via its New England regional platform and exemplifies the roll-up competitive dynamic TRG now navigates as part of IMA.
• Marsh McLennan: Marsh McLennan, the world's largest insurance broker, competes with TRG-IMA in commercial insurance, employee benefits (via Mercer), and retirement/wealth consulting. It serves larger enterprises but its scale and global resources shape the competitive backdrop for mid-market regional players.
• Arthur J. Gallagher & Co. Gallagher is one of the world's largest insurance brokerage and risk management firms, with deep capabilities across commercial, employee benefits, and retirement consulting. As the acquirer of many regional agencies, it competes with TRG-IMA across virtually every line and segment.

Direct peers

• Cross Insurance: Cross Insurance is a New England-based independent insurance agency headquartered in Bangor, Maine, with offices across the region. It is one of the largest privately held insurance agencies in New England and directly competes with TRG in commercial, personal, and employee benefits lines across overlapping geographies.
• Hilb Group: Hilb Group is a middle-market insurance and HR advisory firm built through acquisition of regional agencies, with strong presence in the Northeast and Mid-Atlantic. It offers commercial, personal, and benefits products and follows a very similar acquisition-led playbook to TRG's pre-IMA history.
• World Insurance Associates: World Insurance Associates is a rapidly growing insurance brokerage built through aggressive acquisition of regional independent agencies across the eastern U.S. Like TRG (now within IMA), it pursues a tuck-in acquisition strategy and offers personal, commercial, and benefits lines to SMB and middle-market clients.

Others

• Assurex Global: Assurex Global is a worldwide partnership of independent insurance and risk management advisory firms. It provides TRG-class agencies with access to larger specialty markets, international placements, and best-practice sharing — a peer and enabler rather than a direct competitor.

Emerging players

• Burns & Wilcox: Burns & Wilcox is a specialty insurance wholesaler and brokerage focused on complex and hard-to-place commercial risks. It overlaps with TRG's commercial specialty and surplus-lines work for healthcare, nonprofit, and manufacturing clients in the Northeast.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles20 records

Subsidiaries4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A3 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about The Richards Group, Inc.