Two high-profile industry players announced another aggregator acquisition on Thursday.
OneDigital announced it entered a strategic relationship with Wintrust Investments, whereby it will acquire Wintrust’s Retirement Benefits Advisors division based in Chicago. Wintrust is a subsidiary of Wintrust Financial Corporation.
The companies claimed Wintrust’s ongoing referral partnership with OneDigital “will drive additional scale and increased capabilities to benefit their over 200 clients who sponsor workplace retirement savings plans. The Wintrust Retirement Benefits Advisors team, led by Dan Peluse, will continue to personally help their clients navigate the ever-changing retirement plan landscape with the specialized expertise and scale of OneDigital’s national retirement plan advisory practice.”
They will join OneDigital’s 35 existing teams, including group health insurance and property/casualty specialists, spread across their north central market to bring clients a broader set of resources to meet the unique needs of employers today.
“We are delighted that Wintrust Retirement Benefits Advisors has chosen to unite with OneDigital,” Vincent Morris, President of Retirement + Wealth at OneDigital, said in a statement. “The decision to align our strengths underscores a shared commitment to providing holistic, customized retirement planning and solutions that elevate client outcomes. OneDigital’s strong footprint in Chicago, coupled with Wintrust’s esteemed reputation and Dan Peluse’s proven leadership, positions us to further extend our influence in the region. I am so excited to have Dan and his team join the OneDigital family, and I look forward to continuing and enhancing the strong legacy of client service that both Wintrust and OneDigital are known for."
“We are excited to be partnering with OneDigital,” Tom Zidar, Chairman and CEO of Wintrust Wealth Management, added. “This deal will enable us to increase the value we can create for our clients through better purchasing power with both plan administrators and investment management firms and an expanded service offering beyond fiduciary plan consulting.”
The transaction brings advisory accounts with approximately $2.6 billion in retirement plan assets representing over 40,000 participants and 200 clients to OneDigital.
