Advisory M&A News – 2/20/24

OneDigital to Acquire Wintrust’s Retirement Plan Advisory Business

OneDigital Investment Advisors LLC, a registered investment adviser and subsidiary of OneDigital, has announced its second major deal of the year: an agreement to acquire Wintrust Investment LLC, whereby it will bring on Wintrust’s Retirement Benefits Advisors division, according to an announcement and a spokesperson. Terms of the deal were not disclosed.

Chicago-based Wintrust Retirement Benefit Advisors will bring more than $2.6 billion in plan advisory assets, more than 40,000 participants and 200 plan sponsor clients—adding to OneDigital’s more than $100 billion in assets. Wintrust Retirement Benefit Advisors is a subsidiary of Wintrust Financial, a financial holding company operating community banks and ,businesses including commercial and life insurance premium financing in the U.S. and Canada.

Dan Peluse, who leads Wintrust’s retirement benefits team and is among PLANADVISER’s Top Retirement Plan Advisers of 2023, will join OneDigital in the transaction. The acquisition will also further cement an “ongoing referral partnership” Wintrust had with OneDigital, according to the announcement. Further, the team will join with OneDigital’s group health insurance and property and casualty teams to “bring clients a broader set of resources to meet the unique needs of employer today.”

The deal strengthens OneDigital’s North Central market, where the Wintrust division is focused, according to a spokesperson.

“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,” said Vincent Morris, OneDigital’s president of retirement and wealth for OneDigital, in a statement. “

Bay Point Wealth Splits Firm, Launching Curio Wealth Financial Advisory

Bay Point Wealth, a financial advisory based in Annapolis, Maryland, has decided to split its firm with the creation of Curio Wealth Advisors.

Due to “significant growth,” the firm has split off the Curio team, which will provide investment advice as Curio Wealth LLC, a registered investment adviser located in Annapolis.

Jim Kantowski will serve as founder and principal of Curio Wealth, overseeing the firm’s financial planning, investment, and tax planning and preparation, according to the announcement.

Bay Point Wealth, founded in 1995, will continue to be led by founder and principal Bill Hufnell.

Berger Financial Makes Biggest Wealth Management Deal to Date

Berger Financial Group, a Minneapolis-based wealth management firm, announced its biggest acquisition to date by acquiring Robert Gordon & Associates Inc., an investment management and strategic wealth planning firm in Springfield, Illinois. Terms of the deal were not disclosed.

This is Berger’s 18th acquisition to date on its way to building up total client assets to its current $2 billion. Berger, which offers employees an employee stock ownership plan, will make Robert Gordon & Associates’ team part of the ESOP through the deal, according to the announcement.

“Finding Robert Gordon & Associates felt meant-to-be from the beginning,” said Mark Berger, principal, and financial adviser for Berger Financial Group, in a statement. “Representing our largest acquisition to date, we are excited to continue adding great people to the team.”

Robert Gordon & Associates provides financial planning services with the goal of helping clients plan for retirement in a tax-efficient manner. The focus aligned with Berger’s focus on tax optimization, shown by its in-house tax professionals, according to the announcement.