OneDigital Investment Advisors is continuing to solidify its position in the retirement plan advisory market with another significant acquisition.
Though its subsidiary OneDigital Investment Advisors, the insurance brokerage, financial services, and HR consulting firm has entered into a strategic partnership with Wintrust Investments to acquire the latter’s retirement benefits advisors division.
The move is expected to extend OneDigital's influence in the retirement planning sector, particularly in the Chicago area, where both companies have established operations.
The acquisition is aimed at enhancing the retirement plan servicing business for both entities, bringing together OneDigital's comprehensive advisory services with Wintrust's client base and market presence.
“We are delighted that Wintrust Retirement Benefits Advisors has chosen to unite with OneDigital,” Vincent Morris, president of retirement and wealth at OneDigital, said in a statement. “The decision to align our strengths underscores a shared commitment to providing holistic, customized retirement planning and solutions that elevate client outcomes.”
Once completed, the deal will integrate over $2.6 billion in retirement plan assets into OneDigital’s already hefty portfolio of more than $100 billion, including management advisory accounts associated with retirement plan assets for over 40,000 participants across more than 200 client sponsors.
The strategic relationship also includes an ongoing referral partnership between OneDigital and Wintrust, aimed at driving additional scale and capabilities to benefit Wintrust's clients who sponsor workplace retirement savings plans.
The Wintrust retirement benefits advisors team, led by Dan Peluse, will continue to assist clients under the larger umbrella of OneDigital, joining forces with OneDigital’s existing teams to offer a broader set of resources.
“This deal will enable us to increase the value we can create for our clients through better purchasing power with both plan administrators and investment management firms and an expanded service offering beyond fiduciary plan consulting,” said Tom Zidar, chairman and CEO of Wintrust Wealth Management.
OneDigital’s Thursday announcement of its Wintrust acquisition comes several weeks after another deal with RIA WealthSource Partners, which will see $2 billion across nine states added to OneDigital’s book.
More recently, it made its debut in the property and casualty insurance space by snapping up St. Louis-based HM Employee Benefits and Risk Management.
Elsewhere, Osaic and Ameriprise each recruited family-owned practices previously affiliated with LPL and Thrivent.
Divorce is a financial inflection point, not just a legal one and wealth managers need to be part of the process from day one
Nearly three quarters of US households hold tax-advantaged retirement accounts as IRA assets reach $18 trillion.
Robinhood is adding Cortex for Advisors across TradePMR, bringing AI-powered portfolio analysis and tax insights to advisors, while executives say regulatory constraints still prevent AI from directly managing client assets.
As Americans transition from saving for retirement to spending in retirement, new research suggests sustainable income matters more than account balances.
As $84 trillion prepares to change hands, advisors who treat estate planning as peripheral are quietly building a sieve, not a book.
In volatile markets, the advisors who win aren't the ones with the best calls - they're the ones whose clients stay the course.
