Resources picks up $2B 401(k) consultant

The deal brings the firm's retirement plan AUM to a reported $50 billion

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.