OneDigital said Thursday that it has added 401K Resources and The Clear Group to its roster of acquired companies. The acquisition of the Scottsdale-based firms expands OneDigital’s reach into Arizona.
401K Resources was founded by Renee Scherzer, the President-Elect of the National Association of Plan Advisors (NAPA).
“Part of the goal is to evolve with the changing needs of clients to provide more holistic benefits across verticals,” Scherzer said. “Finding a firm that really combines retirement and employee benefits to provide that holistic experience was hard, but OneDigital does it in a way that we can offer new, unified solutions effectively and with more efficiencies.”
Scherzer explained that 401K Resources works with organizations to design retirement plans supporting their overarching total rewards program objectives. Similarly, The Clear Group, founded by husband Chris, provides employee benefits solutions, retirement planning, human resources consulting, and personal and business property and casualty solutions. While they've operated along side each other, they have not fully collaborated, something they say will now change with the deal.
OneDigital is familiar to the duo. For over three years, 401K Resources has been a OneDigital Investment Advisors affiliate, a relationship that led to the decision to evolve the partnership officially through acquisition.
“I’ve known many of the people affiliated with OneDigital for years, and sometimes decades,” Renee Scherzer added. “For example, [current NAPA President and OneDigital Retirement + Wealth division Senior Vice President] Corby Dall is someone I’ve known for 25 years.”
The transition and addition of 401K Resources’ assets brings OneDigital Investment Advisors’ total assets under management to approximately $109.8 billion, with over one million participants and 41,000 individual accounts.
“I’m so excited to welcome the Clear Group and 401K Resources to the OneDigital Team,” Jeff Fallick, Regional Managing Principal, OneDigital West Region, said in a statement. “We have wanted to expand into Arizona for quite some time and finally found the perfect partners with Chris and Renee Scherzer. Their powerful combination of integrated Employee Benefits and Retirement (401k) consulting model for clients fits squarely into OneDigital’s value proposition. Under their leadership, I am confident that Arizona will be one of our fastest-growing markets in the country.”