OneDigital, Creative Planning Announce Texas Acquisitions

Both OneDigital Investment Advisors and Creative Planning announced retirement plan and wealth advisory acquisitions in Texas this week, aiming to reach a wider market in the region.

OneDigital Brings On Houston-Based Legacy

OneDigital Investment Advisors, a wholly owned subsidiary of Digital Insurance LLC, known as OneDigital, announced on Tuesday the acquisition of Houston-based retirement plan and wealth manager Legacy Asset Management Inc..

The full Legacy team will maintain its direct service to clients, transferring more than 100 retirement plan clients, 200 individual wealth management accounts and more than $500 million in assets to OneDigital’s platform, which totals more than $100 billion in assets, according to the announcement.

Established in 1998 by CEO and President Joe Birkofer, Legacy specializes in managing company retirement plans and assisting employees in retiring through financial planning and strategies for retirement income.

“We know the workplace is the nucleus of America’s personal wealth creation,” said Birkofer in a statement. “Legacy has played a part in the delivery of financial wellness that leads to secure retirements over the past quarter century. Our partnership with OneDigital ensures that our clients will be at the forefront of wealth creation as we continue to grow.”

Legacy serves clients throughout Texas and in other states, working with owner-operated companies, professional service groups, high-net-worth individuals and not-for-profit clients.

“Giving us a strong foothold in the wealth management and retirement services industry in Texas, a partnership with Legacy demonstrates our commitment to add value to our south-central clients by providing a full suite of offerings to best serve their needs,” said Kelley Snook, OneDigital’s senior vice president of retirement and wealth, in a statement.

OneDigital’s South Central region, covering Arkansas, Oklahoma and Texas, works with more than 2,500 clients, including financial services, employee benefits, HR consulting, property and casualty insurance and PEO solutions.

Creative Planning Adds Wealth Firm

Meanwhile, Creative Planning LLC announced the addition of ML&R Wealth Management LLC, with the transaction finalized on April 1. The terms include 18 ML&R employees officially joining the firm.

 The individual wealth and retirement plan advisory with offices located in Austin and Round Rock, Texas, broadens Creative Planning’s footprint in Texas and advances the firm’s objective of having local advisers in every major metropolitan market, according to the announcement.

“We are pleased to welcome ML&R Wealth Management and their expert team into the Creative Planning fold,” said Peter Mallouk, Creative Planning’s CEO, in a statement. “They’ve built a strong reputation as thought leaders, as well as a presence in the Central Texas community.”

ML&R Wealth Management provides services in investment management, financial planning and risk mitigation. The firm’s assets under management were $2.2 billion as of December 31, 2023.

“Joining forces with Creative Planning brings a comprehensive view of finances along with cutting edge technology and services,” said Stuart Smith, lead partner in ML&R Wealth Management, in a statement. “We’re thrilled to offer these services to the more than 3,000 client accounts that we manage, as well as our expertise and services into Creative Planning’s broader ecosystem.”