OneDigital Investment Advisors acquired Legacy Asset Management, OneDigital announced in a news release on April 2.
The acquisition of the asset management firm will add approximately 100 plan sponsor clients with $400 million in assets under management as well as 200 wealth management clients with over $100 million in assets to OneDigital’s platform, a OneDigital spokesperson said.
Terms of the deal were not disclosed.
Legacy Asset Management serves owner-operated companies, professional service groups, high net worth individuals and nonprofit organizations throughout Texas, OneDigital said.
The transaction follows OneDigital’s acquisition of the retirement plan servicing business of Wintrust Investments, a subsidiary of bank holding company Wintrust Financial, in February. The deal added 200 plan sponsors with about $2.6 billion in assets to OneDigital’s client roster.
OneDigital Investment Advisors, a subsidiary of insurance broker OneDigital, is a relative newcomer to the retirement plan consulting business. The parent company initiated its push into retirement plan and wealth management services in February 2020 with the purchase of $45 billion RIA firm Resources Investment Advisors and a slew of affiliated firms, including Bukaty Cos. Financial Services, Cafaro Greenleaf and Chepenik Financial.
As a result of the acquisitions, OneDigital now has more than $100 billion in assets under management and serves 7,000 plan sponsors and 9,100 individuals and families.
