OneDigital Investment Advisors buys $6bn retirement shop | #retirement | #elderly | #seniors
OneDigital Investment Advisors has bulking up its retirement practice by acquiring Westminster Consulting, an RIA that manages nearly $6bn in retirement plan assets across some 70 plans.
OneDigital Investment Advisors is the wholly owned RIA subsidiary of Atlanta-based business consulting firm and insurance broker OneDigital. The RIA acts as both a discretionary investment manager and fiduciary consultant for employer-sponsored 401(k) plans.
Westminister Consulting, based in Rochester, N.Y., offers human resources consulting to employers in addition to managing 401(k)s.
President Vince Morris, who runs OneDigital’s acquisitive RIA division, said the Westminster acquisition fits with his firm’s goal to create a holistic benefits advisory for employers – one that isn’t limited to retirement plan management.
‘Westminster thought about the market a lot of the same way. They were thinking about a broader relationship than just being a retirement advisor,’ Morris explained. ‘They were totally looking at workforce optimization, human capital management and business consulting aspects.’
Westminster Consulting partners Sean Patton (pictured, left) and Thomas Zamiara (pictured, right) will join OneDigital as senior vice presidents of Retirement Services. Morris said another two of Westminster’s ten employees were offered jobs in OneDigital Investment Advisors’ own marketing and technology departments. The rest will in their current roles.
OneDigital Investment Advisors was created in January of 2020 when OneDigital acquired Morris’ Resources Investment Advisors, an RIA and 401(k) account manager in Overland Park, Kan., and rebranded it under the OneDigital name.
‘We then capitalized Resources, and Resources has been acquiring retirement and wealth shops to build out a national consulting practice in the retirement space,’ Morris explained.
The division closed 22 acquisitions in 2020, Morris said, and has so far closed five in 2021, the largest being the January buyout of Truist Financial Corp.’s 401(k) advisory division, which transferred 1,200 plans and roughly $10bn in plan assets to OneDigital.