OneDigital Investment Advisors has acquired retirement plan consulting firm Praxis Consulting Inc.
Terms of the deal were not disclosed.
The acquisition of Sacramento, Calif.-based Praxis will add 30 retirement plans with $240 million in assets under advisement to OneDigital's platform, a spokeswoman said. In addition, the deal will bring $110 million in assets to the firm's personal wealth management business.
As part of the deal, Praxis Managing Principal Mark Ray will assume the title of senior vice president, retirement services, and will continue overseeing Praxis' retirement plan and wealth management practice.
Mr. Ray, along with team members Mindee Kissinger and Jeanine Calandri, will join OneDigital's retirement and wealth division in the first half of October.
The transaction follows a flurry of acquisitions of retirement services-related businesses made by OneDigital this year, including Westminster Consulting, a registered investment adviser firm that bolstered OneDigital's client roster by 71 retirement plans with $6 billion in plan assets. Other notable deals include the acquisitions of Fiduciary Plan Advisors, Clearview Advisory and Atlanta Retirement Partners.
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 its affiliated firms, including Bukaty Cos. Financial Services, Cafaro Greenleaf and Chepenik Financial. OneDigital bought 21 retirement plan and personal wealth firms last year.
OneDigital now serves approximately 5,000 retirement plans with about 1 million participants, according to the news release.