The mid-tier firm has acquired the business for an undisclosed sum from retirement solution provider Embark group, which it has also agreed to enter into a joint venture partnership with.
Mazars Financial Planning (MFP), the entity responsible for the acquisition, currently has £770m assets under management.
If the Financial Conduct Authority approves the acquisition, those assets will increase to more than £1bn, following the transfer of RCL’s £3m portfolio of high net worth individuals.
The joint partnership between Mazars and Embark Group will involve combining all of their activities in the UK employees benefits consulting sector, and as a result Mazars Employee Benefits will be renamed Vested Employee Benefits.
The firm says it will be targeting SMEs, which it feels are “poorly serviced”, and will go beyond traditional benefits and auto-enrolment, with services including “workplace savings, flexible benefits, financial wellness and employee engagement”.
Last month, The Pensions Regulator announced that it had issued 50% more compliance notices over the last quarter after cracking down on those failing to meet auto-enrolment obligations.