StoneStreet Equity has been acquired by OneDigital, M&A advisory firm Wise Rhino Group (WRG) announced Thursday.
WSG, who acted as advisor to StoneStreet Equity, said the terms of the transaction were not disclosed.
Founded by Robert Goldstein, StoneStreet Equity was one of the few firms with Resources Investment Advisors that did not move to OneDigital three years ago.
It describes itself as “a hands-on, level fee fiduciary that stewards the institutional retirement plan process to attain the financial goals of their clients and their employees. As a fiduciary, StoneStreet always has in mind the best interests of plan participants and utilizes their in-depth knowledge and sophisticated resources to help sponsors implement best practices.”
Headquartered in Armonk, New York, StoneStreet will bring over $3.8 billion in assets under advisement (AUA) to OneDigital, according to WRG, with Principals Spencer Goldstein and Heidi Sidley continuing to work with their clients.
“The StoneStreet Equity partners have added some very unique capabilities to their thriving retirement and wealth advisory practice in providing expert Pension Risk Transfer (PRT) consulting to clients nationwide,” Peter Campagna, Partner of Wise Rhino Group, said in a statement. “This new partnership gives OneDigital a tremendous new resource for both their advisors and Defined Benefit clients. It will be exciting to see how fast Stone Street will grow as part of OneDigital’s dynamic ecosystem.
“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 OneDigital Retirement and Wealth, added. “Beyond their great success in the traditional 401k space, they bring to OneDigital additional abilities to support our clients who offer defined benefit plans. The StoneStreet team provides a full suite of defined benefit plan management, de-risking, and pension risk transfer services to help clients manage their asset-to-liability ratio and reduce their pension liabilities over time. We continue to build out a best-in-class consulting platform for our clients to access a full range of business consulting strategies.”
