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Resources InvestmentAdvisors, an RIAthat works on 2,600 retirementplans with $45 billion in assets, is being bought by OneDigital, abenefits broker.
|Atlanta-based OneDigital saysthe deal includes three advisor teams now with Retirement BenefitsGroup and Fulcrum Partners and eight advisor practices: BukatyCompanies Financial Services, 401k Advisors Intermountain, CafaroGreenleaf, Capstone Advisory Group, Chepenik Financial, SHARetirement Group, Strategic Retirement Group and TerosAdvisors.
|Fidelity's 10th annual PlanSponsor Attitudes studyrecently found that of the 1,200-plus retirement plan sponsorssurveyed, about 93% are working with an advisor vs. 68% in2010.
|According to Resources PresidentVincent Morris, the Overland, Kansas-based RIA has been looking "topartner with a company that would help us expand upon the solutionswe offer … and provide access to growth capital, enabling us tooffer both an affiliation and acquisition option to firms lookingto join our platform."
|Given the convergence of health,wealth and retirement benefits, OneDigital "gave us the best pathforward to continue our superior growth and provide our clientswith the optimal holistic solutions," Morris said.
|With the deal, "We are going tobe different than the traditional benefits consulting firms thatoffer 401(k) plans: In adding Resources, we're building anintegrated approach to well-being, integrating healthcare andretirement planning so that employers can better supportindividuals and families," said OneDigital co-founder and ChiefGrowth Officer Mike Sullivan in a statement.
|"By bringing economic balance toour offering, insurance and retirement economics are not competingwith each other in the future," Sullivan added.
|OneDigital focuses on small andmedium-sized business for its benefits and relatedplans.
|"It's clear that taking aholistic approach to employee benefits, retirement planning andwealth management is at the forefront of our client's needs andtheir employees' well-being," said OneDigital President & CEOAdam Bruckman.
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Janet Levaux
Janet Levaux, MA/MBA, is Editor in Chief of ThinkAdvisor & Investment Advisor. She's covered the financial markets since 1991 and advisors since 2005. Janet studied at Yale, Johns Hopkins SAIS and St. Mary's College of California. She's also lived and worked in Asia, Europe and Latin America, raised two sons, and won a Neal Award for top news coverage in 2020.
