OneDigital Investment Advisors – a registered financial advisory firm owned and operated by OneDigital, a multifaceted financial services provider – has acquired StoneStreet Equity – a retirement plan consultancy and wealth management company located at the southwest corner of Connecticut, north of New York City. StoneStreet Equity, founded in 1981, is a flat fee fiduciary company that provides retirement plan consulting, financial wellness services, and wealth management for individuals and their families.
Goldstein will be joined by his two children and senior executives of the firm, CIO Spencer Goldstein (also a principal in the company) and Managing Director Heidi Sidley. StoneStreet had been affiliated with OneDigital Investment Advisors for approximately 4 years prior to the acquisition. This followed seven years with Independent Financial Advisors, and LPL Financial.
“Beyond their great success in the traditional 401(k) space, they bring additional abilities to support our clients who offer defined benefit plans,” Vincent Morris, OneDigital Retirement’s and Wealth’s president, made the following statement. “The StoneStreet team provides a full suite of defined benefit plan management, de-risking, and pension risk transfer services.”
We are thrilled to join OneDigital to harness the power of partnering our specialization in pension risk transfer and defined benefit plans with OneDigital’s expertise and national reach in the retirement and wealth industry,” Sidley, added
OneDigital’s announcement comes just over three months since it acquired Huntington National Bank’s 401(k), retirement plan, and advisory business. The acquisition included 18 employees and $5.6 billion in advised assets. The Clear Group, 401(k), Resources and The Clear Group were added to the company in March.
“We will continue to expand our capabilities for these plan sponsors, enhance our financial wellness and advice offerings and accelerate our value creation for all our stakeholders,” Morris made the statement in April.
OneDigital provides employee benefits, human resource, retirement, and wealth management consulting as well as practice and casualty management support, and property and causalty insurance to individuals and businesses.
Per a recent Form ADV, the company has around 500 employees, including 380 advisors, overseeing some $89 billion in collective assets—nearly 70% of which are considered non-discretionary—across more than 25,000 client accounts. Among those clients are more than 4,800 pension and profit-sharing plans with some $72.2 billion in assets, about 100 government entities (including government pension plans) with around $3.8 billion and just over 1,000 plan participant accounts with more than $1 billion in collective assets.
Wise Rhino Group was StoneStreet’s representative for the transaction. The details were not released.
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