OneDigital adds Wintrust Bank’s retirement business
OneDigital Investment Advisors LLC has will acquire the Retirement Benefits Advisors division of Wintrust Bank, based in Chicago. Wintrust is a subsidiary of Wintrust Financial Corporation.
Wintrust’s ongoing referral partnership with OneDigital will drive additional scale and increased capabilities to benefit their over 200 clients who sponsor workplace retirement savings plans, the company said in a release.
The Wintrust Retirement Benefits Advisors team, led by Dan Peluse, will join forces with OneDigital’s existing 35 teams, including group health insurance and property and casualty specialists.
“The decision to align our strengths underscores a shared commitment to providing holistic, customized retirement planning and solutions that elevate client outcomes,” said Vincent Morris, president of Retirement + Wealth at OneDigital.
“This deal will enable us to increase the value we can create for our clients through better purchasing power with both plan administrators and investment management firms and an expanded service offering beyond fiduciary plan consulting,” added Tom Zidar, chairman and CEO of Wintrust Wealth Management.
The transaction brings advisory accounts with approximately $2.6 billion in retirement plan assets representing over 40,000 participants and 200 clients to OneDigital.
CAPTRUST partners with Pontera on wealth services
CAPTRUST Financial Advisors announced it will begin utilizing Pontera for its wealth management and retirement planning services.
“CAPTRUST and Pontera are united in the belief that every investor can benefit from receiving personalized wealth management from a trusted and unbiased financial advisor,” said Eddie Welch, CAPTRUST’s head of wealth management. “Through this partnership, Pontera’s technology can help CAPTRUST advisors make their clients’ money work even harder across all of their accounts, including their employer-sponsored retirement savings plans.”
Leveraging Pontera’s platform, CAPTRUST advisors can analyze their clients’ fund options, review historical fund performance and set target-fund allocations in alignment with personalized tax and investment strategies. Pontera directly integrates with portfolio reporting, billing and other technology solutions.
“We’re thrilled to work with CAPTRUST, a leading retirement plan advisor,” said David Goldman, Pontera’s chief business officer. “As CAPTRUST continues its ambitious expansion, we look forward to growing alongside them and helping more of their clients realize the benefits of holistic wealth management, including through the firm’s suite of retirement plan participant services.”
With more than 1,500 employees across 90 locations nationwide, CAPTRUST oversees more than $817 billion in assets, including over $668 billion in non-discretionary assets under advisement, and over $149 billion in discretionary managed account assets, as of Sept. 30, 2023.
Cetera welcomes $312M Wealth Hub
Cetera Financial Group (Cetera), the premier financial advisor Wealth Hub, announced that Regal Wealth Advisors has joined Summit Financial Networks, a region of Cetera Advisor Networks LLC.
Regal Wealth provides comprehensive planning and investment advice to clients and had more than $312 million in assets under administration as of Feb. 2, 2024. The group, co-founded by Michael McCarthy, CFP, CLU, ChFCand Andrew S. Pincus, JD, CPA, CFP, and accompanied by investment professional Fred DaVeiga, CPA, CFP, is based out of Myrtle Beach, South Carolina and joins Cetera Advisor Networks from LPL Financial.
“We were drawn to Summit because its culture so closely mirrors our own,” McCarthy said. “At Regal Wealth Advisors, we differentiate ourselves by providing personalized attention to our clients – and we know we can expect the same from Summit. I look forward to experiencing individualized support from Summit while also tapping into the broad array of resources available through Cetera. I know both will make a real difference for our practice and our clients for years to come.”
“I am happy to welcome Michael, Andrew and the entire Regal Wealth team to our network of more than 4,000 talented advisors,” said Marshall Leeds, president and regional director of Summit Financial Networks. “Summit is an ideal fit for advisors looking for tailored support for the betterment of their clients’ futures. I know Regal Wealth’s commitment to their clients is unparalleled and we look forward to providing strategic support to help the firm continue thriving in our community.”
EBRI announces incoming board of trustees
The Employee Benefit Research Institute (EBRI) added the following appointments to the organization’s Board of Trustees, Executive and Research Committees:
- Sandy McCarthy, OneAmerica Financial – Chair, Board of Trustees and Executive Committee
- Jon Kessler, HealthEquity – vice chair, Board of Trustees and Executive Committee
- Josh Cohen, PGIM – emeritus, Executive Committee
- Lisa Margeson, Bank of America – chair, Research Committee
- Katie Hockenmaier, Mercer – At Large, Executive Committee
- Ed Murphy, Empower – At Large, Executive Committee
- Kelly O’Donnell, Edelman Financial Engines – At Large, Executive Committee
- Sri Reddy, Principal Financial – At Large, Executive Committee
- Justin Roberts, Amazon – At Large, Executive Committee
- Dan Rosshirt, Deloitte Consulting – At Large, Executive Committee
- Tami Simon, Segal Company – At Large, Executive Committee
- Eric Stevenson, Nationwide – At Large, Executive Committee
“It’s an honor to have such an impressive group of industry leaders filling these critical roles,” said Barb Marder, president and CEO at EBRI. “Their understanding of EBRI and support of its mission, paired with their invaluable experience, insights and fresh perspectives, will help continue to grow EBRI’s reach and value we deliver for our members and the industry.”
Sandy McCarthy, president of Retirement Services at OneAmerica Financial, will chair EBRI’s Board of Trustees and lead the Executive Committee. She succeeds past chair Josh Cohen, managing director at PGIM. Cohen will continue to stay involved with the Executive Committee and serve as emeritus. Jon Kessler, president and CEO at HealthEquity, will begin his role as vice chair.
“This is a very special time for EBRI,” said McCarthy. “The organization has always played a significant and vital role in the retirement and employee benefits landscape, and that won’t change. But there’s also a sense of forward-looking energy and optimism about taking EBRI to the next level and continuing to amplify and enhance its impact. There’s incredible opportunity ahead, and I’m honored to be a part of EBRI’s next chapter.”
RPA announces leadership changes
To support the firm’s growth and direction, Retirement Plan Advisors (RPA) announced the following key leadership updates.
Josh Schwartz, AIF will now serve as RPA’s chief executive officer, representing the brand while focusing on the firm’s strategic direction and client service offerings. Schwartz is a founding principal of the firm and has acted as President since 2013. He has served the public sector for 35 years. He is a graduate of the University of Chicago, holds FINRA Series 6, 26, 63, and 65 registrations, and is an Accredited Investment Fiduciary (AIF). He is active with the National Association of Government Defined Contribution Administrators (NAGDCA), the National Association of Plan Advisors (NAPA), and Institutional Investor. Additionally, he serves on the Diversity, Equity, and Inclusion Advisory Council for leading national financial solutions firm Cambridge Investment Research.
Ken Mergen will now serve as RPA’s president, focused on driving the firm’s strategic direction and new business opportunities to maintain its position as an industry leader. He previously acted as the firm’s vice president of Group Retirement Plans. Mergen has worked in the retirement plan industry for nearly 30 years and joined RPA in 2014. He is a graduate of Rutgers University and holds FINRA Series 7, 26, 63, and 66 registrations. Heis active with NAPA, including NAPA’s DC Fly-In Forum where he supports industry lobbying efforts, and multiple Government Finance Officers Association (GFOA) state chapters.
Brett Pendleton will now serve as RPA’s vice president of Group Plan Operations, overseeing operations of the firm’s group retirement plans and proprietary investment solutions. A member of the financial services community for 17 years, he joined RPA in 2013, previously acting as financial advisor, service center director, and director of Group Plan Operations.
Brett is a graduate of Columbia College in Columbia, MO and holds FINRA Series 7, 24, and 66 registrations.
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Amanda Umpierrez is the Managing Editor of 401(k) Specialist magazine. She is a financial services reporter with over six years of experience and a passion for telling stories and reporting news. Amanda received her degree in journalism and government and politics at St. John’s University. She is originally from Queens, New York, but now resides in Denver, Colorado with her partner. In her free time, Amanda enjoys running, cooking, and watching the latest drama show.
