DALLAS, July 20, 2022 (Newswire.com) - Integrity Marketing Group, LLC ("Integrity"), a leading distributor of life and health insurance and provider of wealth management and retirement planning solutions, today announced it has entered into an agreement to acquire PHP Agency, an industry-leading field marketing organization ("FMO") based in Addison, Texas. As part of the acquisition, Patrick Bet-David, founder and CEO of PHP Agency, will become a Managing Partner at Integrity. Financial terms of the acquisition were not disclosed.
PHP, which stands for "People Helping People," serves nearly half a million Americans nationwide by offering life and annuity products through its team of more than 27,000 agents. In many ways, Patrick Bet-David, the founder and CEO of PHP, is the embodiment of the American dream. Bet-David came to the United States as an Iranian refugee as a child, then served in the United States Army before joining a large investment and financial services firm. In 2009, he founded PHP Agency, which has experienced exponential growth by investing in technology for agents and focusing on the needs of underserved communities. A leader in diversity and inclusion, PHP Agency is redefining industry norms by recruiting, training and supporting a diverse, dynamic and highly motivated salesforce.
"Patrick Bet-David is the embodiment of the American dream," said Bryan W. Adams, co-founder and CEO of Integrity. "He has inspired thousands of agents to become entrepreneurs, founders and leaders, all while building an agency that is reshaping the face of insurance. This type of leadership is a rare gift, and we're privileged to have Patrick join us in our mission to innovate the industry."
"In order to stay competitive in this space, we know we need to invest heavily in people and in technology," explained Patrick Bet-David, founder and CEO of PHP Agency. "Integrity is much more than a proven leader in insurtech — they also share our core values and vision for a more inclusive future. Together, Integrity and PHP have tremendous resources to empower a new generation of agents who will serve Americans in profoundly innovative ways. This partnership accelerates so much for our business, including adding carriers, technology, support and partners to what we now have access to. When these benefits are combined with our youthful, energetic and diverse workforce, every stakeholder wins. Integrity's success is now our success, and I know we will create something truly special together."
"PHP Agency is inspiring and developing an entire generation of young, energetic and influential leaders who will leave a lasting impact on the industry," added Tom Dempsey, Chief Distribution Officer at Integrity. "Patrick is an inspiration to so many people — I can't think of a better leader who truly understands and represents Integrity's mission to serve others in planning for the good days ahead. We're proud that he will now join our partner network and help us find new ways to innovate insurance together. PHP Agency has already achieved incredible success by empowering its agent network to build relationships and provide solutions to everyone in their communities. The company can now tap into Integrity's state-of-the-art technology, products and relationships to serve even more Americans. I'm eager to see what PHP and Integrity can achieve together, and we welcome them to our fast-growing team."
PHP Agency will reach more customers than ever before by utilizing Integrity's extensive suite of end-to-end offerings. The Integrity insurtech platform encompasses resources such as real-time quoting and enrollment systems, efficient customer relationship management software and robust product development. PHP Agency can also take advantage of Integrity's strong and supportive infrastructure of business services available to all partners, allowing PHP Agency's leaders to redirect valuable administrative time. Included in these shared services are areas such as People & Culture, Technology & Innovation, legal and compliance, and access to a world-class advertising and marketing firm.
"Patrick Bet-David is a best-selling author and popular keynote speaker, as well as a social media icon with millions of followers. His message of hope and success inspires entrepreneurs and business leaders around the world, and we are excited to be able to work with him to fulfill our mission at Integrity," said Anne Wood, Chief Marketing Officer at Integrity. "Together, we're going to reach more people than ever before and deliver solutions that empower consumers to make the most of what life brings."
Bet-David will expand opportunities for his agents and agencies by leveraging opportunities for teamwork and growth through the Integrity partner network. Driven by a core commitment to innovate insurance, this world-class peer group of industry icons has united to shape best practices and strategies that improve insurance and financial services for everyone. Integrity partners are focused on protecting the life, health and wealth of all Americans, helping millions prepare for the good days ahead.
PHP employees will also take part in Integrity's Employee Ownership Plan, which offers employees the opportunity to share in Integrity's success through meaningful company ownership.
"With a culture devoted to 'People Helping People,' Patrick and his team can now use Integrity's platform to expand their influence and diversify the products and services they offer," said Steve Young, Chairman of the Board of Integrity. "We're always thrilled to partner with trailblazing leaders. PHP Agency will be an incredibly valued and esteemed addition to the Integrity family as we work to protect families across the United States."
Houlihan Lokey served as the exclusive financial advisor to PHP and assisted in initiating, marketing, structuring and negotiating the transaction on its behalf.
For more information about PHP Agency's partnership with Integrity, view a video at www.integritymarketing.com/PHPAgency.
About Integrity Marketing Group
Integrity, headquartered in Dallas, Texas, is a leading distributor of life and health insurance and provider of innovative solutions for wealth management and retirement planning. Through its partner network, Integrity helps millions of Americans protect their life, health and wealth with a commitment to meet them wherever they are — in person, over the phone and online. Integrity's cutting-edge technology helps streamline the insurance and financial planning experience for all stakeholders. In addition, Integrity develops products with carrier partners and markets them through its distribution network of agencies, brokerages and RIAs throughout the nation. Integrity's nearly 6,000 employees work with more than 450,000 agents and advisors who serve over 10 million clients annually. In 2022, Integrity will help carriers place more than $12 billion in new sales and oversee more than $20 billion of assets under management and advisement through its RIA and broker-dealer platforms. For more information, visit www.integritymarketing.com.
About PHP Agency
Founded in 2009, PHP Agency Inc. is a tech-enabled national field marketing organization (FMO) headquartered in Addison, Texas. With over 27,000 licensed agents nationally in 49 states and Puerto Rico, PHP's agents have educated and served over 450,000 American families. PHP partners with leading insurance and annuity carriers and provides part-time or full-time opportunities to those seeking careers as life insurance agents. For more information, visit www.phpagency.com.
Rachel Aird, Public Relations Director
Integrity Marketing Group
Eric Pederson, Vice President of Business Development
Integrity Marketing Group
Source: PHP Agency