Latest news from Lee Equity Partners and our portfolio companies

October 21, 2021

Keystone Benefit Group Joins Simplicity

Keystone Benefit Group Joins Simplicity, as David Falkenstein, Jeff Milstead and Michael Falkenstein Become Partners

Summit, N.J. (October 21, 2021) – The Simplicity Group ("Simplicity"), one of the nation’s leading financial products distribution businesses, today announced the acquisition of Atlanta-based Keystone Benefit Group (“Keystone”), one of the preeminent executive benefit consulting firms in the country, with a focus on serving tax-exempt entities and healthcare organizations. Keystone is the 31st company to join the Simplicity group of companies, and with the successful closing of this transaction, the company welcomes David Falkenstein, Jeff Milstead, and Michael Falkenstein as partners.

“Keystone has established itself as a leader in a specialized market, and Jeff, David, and Michael bring extensive industry experience to our organization,” said Bruce Donaldson, President and CEO of Simplicity. “We have worked with Keystone for years and are thrilled to officially welcome them to the Group. We look forward to expanding our existing working relationship and to helping the team grow their business and support their commitment to their clients.”

“We are excited to partner with Simplicity and tap into resources that can enhance the support we already provide to our client partners,'' said David Falkenstein, Principal, Keystone. “Simplicity knows our business and is well-positioned to help us continue to provide innovative products and services that enhance our clients’ lives.”

“Simplicity shares our values and vision for the financial services industry and our business,” said Jeff Milstead, Principal, Keystone. “We believe this partnership will provide us with the additional infrastructure needed to ensure our long-term success and allow us to uphold superior service to our existing client base today and for years to come.” 

About Keystone Benefit Group

Since 1991, Keystone Benefit Group has provided original supplemental benefit solutions to tax-exempt organizations and their most valuable employees. As a full-service, turn-key benefits provider, Keystone has expertise in consulting, design, implementation, and administration of executive benefit plans.

About Simplicity Group

The Simplicity Group is one of the nation's largest and fastest-growing financial product distribution companies, which has had 31 distribution businesses join its partnership (including Keystone). Each of Simplicity's operating businesses is directed by its local management team and benefits from access to Simplicity's group resources. Through partnership with top distribution organizations and technology companies, Simplicity seeks to provide compelling business solutions that will attract the industry's best leadership, talent, advisors, agents and future partners.

Simplicity supports independent financial advisors and agents across the country with investment, annuity, and life insurance solutions with a focus on client education, consumer value and partnership. For more information about Simplicity, please visit: and follow the Company on LinkedIn.