OneDigital acquires Westminster Consulting to increase its retirement plan enterprise

OneDigital Investment Advisors has acquired Westminster Consulting, OneDigital announced in a press release on Thursday.

The terms of the contract were not disclosed.

The acquisition of the Rochester, NY-based registered investment advisory firm will add more than 71 retirement plans with $ 6 billion to OneDigital’s platform and strengthen OneDigital’s retirement and wealth division, the news release said.

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 switch to OneDigital in various locations.

Vince Morris, President of OneDigital Retirement and Wealth, praised Messrs. Zamiara and Patton in the press release for building an “Elite Consulting Firm with a Vision to Help Employers”.

M&A advisory firm Wise Rhino Group represented Westminster Consulting on the transaction.

The acquisition follows OneDigital’s announcement in January that it acquired Fulcrum Partners, an executive benefits consultancy focused on deferred compensation and supplementary executive retirement plans, on December 31st. On January 6, the company acquired the 401 (k) institutional investment advisory business from OneDigital Financial services company Truist Financial acquired three offices of Vertical Financial Group, a partnership of independent financial advisors specializing in retirement planning and investment advisory services, on January 19.

OneDigital is a relative newcomer to the retirement plan business. The company kicked off in February 2020 with the acquisition of $ 45 billion RIA company Resources Investment Advisors and a number of its affiliates, including Bukaty Cos. Financial Services, Cafaro Greenleaf and Chepenik Financial, his foray into the retirement plan and wealth management. A total of 21 pension plan and private wealth firms were acquired last year.

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