Resources Investment Advisors has bought yet another retirement adviser firm, Tampa, Florida-based Montgomery Retirement Plan Advisors, the company announced late last week.
The deal, which represents the latest development in the consolidating retirement plan adviser market, bumps Resources' plan assets under management to more than $50 billion. The RIA and adviser support firm was acquired earlier this year by OneDigital, along with 17 other advisories added under the brand at the time. That series of acquisitions catapulted OneDigital, one of the country’s largest insurance brokers, into the retirement plan and wealth management business.
Fee-based consulting firm Montgomery serves 401(k)s and other defined-contribution plans with a total of about $2 billion in assets under management, according to the announcement last Thursday. A significant portion of Montgomery's business is in the government DC plan market, though the companies did not specify what percentage that segment represented.
The deal includes Montgomery sister firm Fidelis Fiduciary Management, which provides fiduciary outsourcing to advisers, plan consultants and record keepers in 3(38) and 3(21) capacities under the Employee Retirement Income Security Act, according to the announcement. Fidelis is headed by David Montgomery, vice president at the sister firm.
A representative from Resources did not respond to a request for comment.
“The scale of the organization and access to new technology will allow us to serve our clients now better than ever,” Montgomery managing principal W. Michael Montgomery said in the announcement.
With the acquisition,Overland Park, Kansas-based Resources serves more than 3,000 employer-sponsored retirement plans, representing about 600,000 workers, according to the firm.
Former Hightower COO and ex-Yieldstreet CTO headline wealth technology hires as advisor platforms push deeper into AI and private markets
Wealthy investors have saved only half of what they say they need, creating a wider retirement savings gap for advisors to address
Tax bill inertia, drastic near-term jumps in tax liabilities, and generationally consequential policy uncertainty will spook clients – that is, unless their advisor brings those lurking risks to light.
A six-advisor Vinings practice joins LPL's broker-dealer and RIA platforms, citing independence and succession planning support.
A new Transamerica Institute report finds most American workers feel outpaced by costs and advisors are reaching only a fraction of them.
Knighthead Life entered the market with a competitive MYGA. A strong launch earned advisor confidence and paved the way for FIAs.
As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor
