OneDigital Investment Advisors LLC, an SEC-registered investment adviser and wholly owned subsidiary of OneDigital, announced that it has acquired Huntington National Bank’s 401(k) advisory and retirement plan servicing business.
Huntington is the wholly owned banking subsidiary of Huntington Bancshares Incorporated in Columbus, Ohio.
According to the announcement, the transaction enables Huntington to strategically partner with OneDigital to drive additional scale to benefit their 1,300 employers that sponsor workplace savings plans. And with OneDigital’s 19 offices in Ohio, Pennsylvania and Michigan, the addition of Huntington’s retirement teams will bolster OneDigital’s current teams, specifically those in Columbus, Cleveland, Detroit and Pittsburgh.
“We are excited to welcome the retirement plan employees from Huntington to the OneDigital Family and look forward to supporting the team in their continued service of our clients,” stated Vincent Morris, President Retirement + Wealth at OneDigital. “We will continue to expand our capabilities for these plan sponsors, enhance our financial wellness and advice offerings and accelerate our value creation for all our stakeholders.”
“We started this journey the middle of last year with a goal to strategically partner with a company that shares Huntington’s vision to provide retirement plan solutions that create value for our clients by keeping them at the center of all we do, and we found that with OneDigital,” added Michael Robinson, Executive Vice President, Director of Wealth Management at Huntington. “It is our collective goal to ensure our clients receive the same high standard of service they expect while gaining the technological excellence and deep product capabilities offered by OneDigital.”
The transaction with Huntington brings $5.6 billion in retirement plan assets under management and 18 advisers to the OneDigital platform, representing over one million participants and 41,000 individual accounts.
The transaction closed March 31, 2023. The terms of the agreement were not disclosed.
