OneDigital Acquires $3.8B Retirement, Wealth Shop StoneStreet Equity
The deal is the fourth retirement and wealth acquisition of the year for OneDigital and expands its Northeast presence.
OneDigital Investment Advisors LLC, a division of insurance aggregator OneDigital, has acquired Armonk, New York-based StoneStreet Equity LLC to expand its retirement plan consulting and wealth management capabilities in the Northeast, according to a Thursday announcement.
Overland Park, Kansas-based OneDigital will bring on the $3.8 billion advisory founded by Robert Goldstein as a fiduciary to institutional retirement plans. Goldstein, principal and CIO; Heidi Sidley, principal and managing director; and their five-person team will continue to serve clients as members of OneDigital.
“I have known Spencer, Heidi and Bob for the last few decades, and we are very excited about StoneStreet joining the OneDigital family,” Vince Morris, president of retirement and wealth for OneDigital, said in a statement. “Beyond their great success in the traditional 401(k) space, they bring to OneDigital additional abilities to support our clients who offer defined benefit plans.”
OneDigital’s deal comes a week after SageView Advisory Group announced it will acquire the founding team of Retirement Benefits Group overseeing $5.2 billion in assets under administration for retirement plan consulting and wealth management. Some other members of the RBG group will be continuing to work as advisers with Hub International and OneDigital.
“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 for the mutual benefit of all of our clients,” StoneStreet’s Goldstein and Sidley said in a statement.
The StoneStreet acquisition is OneDigital’s fourth retirement and wealth deal of 2023, according to a spokesperson. In April, the firm acquired Huntington National Bank’s 401(k) advisory and retirement plan servicing business, bringing on 1,300 workplace savings plan employees and $5.6 billion in assets under management.
M&A retrement and wealth advisory Wise Rhino Group advised StoneStreet on the transaction.
“The StoneStreet Equity partners have added some very unique capabilities to their thriving retirement and wealth advisory practice in providing expert ension risk transfer consulting to clients nationwide,” Peter Campagna, a partner in Wise Rhino, said in a statement. “This new partnership gives OneDigital a tremendous new resource for both their advisors and defined benefit clients.”