OneDigital Investment Advisors has acquired the retirement plan servicing business of Wintrust Investments, a subsidiary of bank holding company Wintrust Financial, OneDigital announced in a news release Feb. 15.
Terms of the deal were not disclosed.
The acquisition of Wintrust's Retirement Benefits Advisors division adds about $2.6 billion in retirement plan assets, representing more than 40,000 participants and 200 plan sponsor clients to OneDigital's platform.
The addition also bolsters the firm's presence in Chicago, said Vincent Morris, president of retirement and wealth at OneDigital, in the news release.
As part of the transaction, Dan Peluse — the leader of the Wintrust team — and his entire staff will join OneDigital.
The transaction follows OneDigital's acquisition of Huntington National Bank's 401(k) advisory and retirement plan servicing business last April. The Huntington deal boosted OneDigital's client roster by 1,300 employers with $5.6 billion in retirement plan assets.
In addition to Huntington, OneDigital last year bought four other retirement plan-related businesses, which accounted for roughly 20% of the firm's merger and acquisition activity in 2023, a spokesperson said.
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, representing 1 million retirement plan participants.
