OneDigital announced it is acquiring retirement plan consulting and wealth management firm StoneStreet Equity.
StoneStreet Equity regards itself as a “hands-on, level-fee fiduciary that stewards the institutional retirement plan process to attain the financial goals of their clients and their employees.”
The Armonk-New York-based firm will bring in 3.8 billion in assets under advisement (AUA) to OneDigital, along with Spencer Goldstein, principal and CIO of StoneStreet, Heidi Sidley, principal and managing director of StoneStreet, and the entire StoneStreet team.
“I have known Spencer, Heidi and Bob for the last few decades, and we are very excited about Stonestreet joining the OneDigital family. Beyond their great success in the traditional 401(k) space, they bring to OneDigital additional abilities to support our clients who offer defined benefit plans. The StoneStreet team provides a full suite of defined benefit plan asset management, de-risking, and pension risk transfer services to help clients manage their asset-to-liability ratio and reduce their pension liabilities over time. We continue to build out a best-in-class consulting platform for our clients to access a full range of business consulting strategies.
“Our father, Bob Goldstein, a pioneer in the retirement plan industry, taught us first and foremost to treat our clients like family. His leadership, expertise, and values have driven our clients’ success in unmeasurable ways. Operating within the OneDigital ecosystem as an affiliate for many years, we’ve found our partners at OneDigital share these same core values. We are thrilled to join OneDigital to harness the power of partnering our specialization in pension risk transfer and defined benefit plans with OneDigital’s expertise and national reach in the retirement and wealth industry for the mutual benefit of all of our clients.” said Sidley and Goldstein.
The acquisition marks OneDigital’s fourth since the start of 2023. The firm acquired Huntington National Bank’s 401(k) advisory and retirement plan servicing business in April, and before that, it purchased 401K Resources, The Clear Group, and Florida Pension Group.
OneDigital serves over one million participants and 41,000 individual accounts. M&A consulting firm Wise Rhino Group represented StoneStreet in the transaction. Terms of the deal were not disclosed.
SEE ALSO:
- OneDigital Acquires Huntington 401(k) Advisory and Retirement Plan Servicing Business
- OneDigital Expands to Arizona
- OneDigital Adds 17th Florida Office with Addition of Florida Pension Group
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.
