OneDigital Draws $1.8B Wealth Team from Cetera
OneDigital, an Atlanta-based insurance, talent and financial advisory firm with more than $155 billion in client assets, has acquired Rosenthal Wealth Management Group, a $1.8 billion registered investment advisor in Manassas with additional offices in Maryland and Western Pennsylvania.
The eight-advisor team will leave independent broker/dealer Cetera for OneDigital Investment Advisors. The firm marks the 23rd wealth manager the Overland Park, Kan.-based RIA channel has acquired through clients and individual clients over the past five years. Sponsors of employer-sponsored retirement plans.
According to the announcement, founder and president Larry Rosenthal founded the firm in 1995 on the philosophy that financial advice should be personal, proactive and centered on long-term relationships across generations. He was associated with Voya Financial Advisors for about 25 years before moving to Cetera for about five years, according to BrokerCheck. In that time, it has grown to work with more than 2,000 families nationwide, with a strong focus in the Mid-Atlantic United States.
“The world of wealth management grows more complex every year, and staying ahead of that complexity has always been at the core of who we are,” Rosenthal said in a statement. We have spent almost two years looking for a partner that will meet our commitment to our customers while providing room for our team to grow.
The organization will adopt the OneDigital brand as its team and customer relationship. It, in turn, will have access to both OneDigital’s wealth and retirement planning platforms and its insurance offerings.
The move comes between investment banks DeVoe & Company and Marshberry. They recently made a prediction It could be another record-breaking year for M&A in the RIA space. In February, OneDigital He found another group The same amount of assets ($1.73 billion) in San Jose, California, focusing on employer-sponsored pension plans.
Earlier this year, OneDigital was one of the few wealth managers to be hit by a. Data breach By engaging Salesforce. That breach exposed the information of thousands of customers and prompted OneDigital to offer credit and identity monitoring services for several months.
