Deals & People February 10, 2020

There Were 13 RIA Transactions in January Totaling $18.9 Billion

After a record year for wealth management M&As in 2019, Fidelity expects the momentum will continue into 2020.

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Fidelity Investments reports that there were 13 mergers and acquisitions (M&As) between registered investment advisers (RIAs) in January, totaling $18.9 billion in client assets. Following a record year for wealth management M&As in 2019, Fidelity expects that the pace of the transactions could continue into the new year. Fidelity notes that sales of multi-billion-dollar firms continue to grow, with five of the 13 transactions representing 84% of total assets under management (AUM).

Earlier this month, the national health care and insurance benefits provider OneDigital announced it had acquired Resources Investment Advisors LLC (Resources), an advisory network headquartered in Overland Park, Kansas.

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At the very end of last month, DiMeo Schneider & Associates LLC and Fiduciary Investment Advisors LLC (FIA) announced they were combining to make one RIA, with approximately $180 billion in assets under advisement. Of the assets under advisement, approximately $140 billion is defined contribution (DC) assets, of which approximately a quarter—more than 100 clients—is 403(b) plans.

Products February 10, 2020

LT Trust Launches Enhanced Service Suite

Among other enhancements, clients can now add Fingage’s managed account solution for a small fee.

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LT Trust has announced a series of enhancements to its 401(k) product, including a redesigned fee structure and the assignment of a dedicated relationship manager for every adviser and plan sponsor client.

LT Trust’s leadership says that the company, in addition to these product changes, is launching a “revitalized” corporate identity designed to “better articulate its ability to use technology to provide leading-edge service to growing enterprises.”

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The firm says its updated 401(k) plan solution provides clients with access to a comprehensive suite of retirement income projection tools, a simplified fee schedule to promote understanding and transparency, and a mobile app for participants to view their accounts.

Additionally, through its partnership with the registered investment adviser Fingage, LT Trust can now provide a participant’s projected monthly retirement income through an online dashboard. With this service, participants can see the percentage of their retirement income goal they are on track to achieve, along with their expected monthly shortfall.

Clients may also add Fingage’s managed account solution for a small fee. The leadership of LT Trust and Fingage says this managed account solution provides access to an institutional investment discipline that was previously cost-prohibitive to the small-plan market.

Headquartered in Denver, Colorado, LT Trust provides low-cost 401(k) recordkeeping and administration services.

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