As part of the transaction, Westminster partners Thomas Zamiara and Sean Patton will join OneDigital as senior vice presidents of retirement services. In addition, the entire Westminster team will join OneDigital in various locations. The acquisition of the Rochester, N.Y.-based registered investment adviser firm will add more than 71 retirement plans with $6 billion in plan assets to OneDigital’s platform and strengthen OneDigital’s retirement and wealth division, the news release said.
Vince Morris, president of OneDigital retirement and wealth, lauded Messrs. Zamiara and Patton in the news release for building an “elite advisory firm with a vision for helping employers.” Source www.pionline.com
OneDigital is a relative newcomer to the retirement plan business. The company initiated its push into the retirement plan and wealth management services in February 2020 with the purchase of $45 billion RIA firm Resources Investment Advisors and a slew of its affiliated firms, including Bukaty Cos. Financial Services, Cafaro Greenleaf and Chepenik Financial. All told, it bought 21 retirement plan and personal wealth firms last year.
The acquisition follows OneDigital’s announcement in January that it had purchased Fulcrum Partners, an executive benefits consultancy focused on deferred compensation and supplemental executive retirement plans, on Dec. 31. On Jan. 6, it acquired the institutional 401(k) investment advisory business of financial services company Truist Financial, and on Jan. 19, it picked up three offices of Vertical Financial Group, a partnership of independent financial advisers specializing in retirement plan design and investment advisory services. M&A consulting firm Wise Rhino Group represented Westminster Consulting in the transaction.
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- OneDigital acquires Westminster Consulting to expand RIA’s business
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