A strategic merger of two 401k-focused RIA firms announced recently has an added twist in the form of a minority, non-controlling investment from Merchant to help enhance the combined firm’s durability and accelerate expansion initiatives to support growth-oriented advisors.
MGO Investment Advisors, an RIA specializing in 401k, retirement plan consulting and other related wealth management services, announced its merger with One Seven, an RIA specializing in supporting advisors with life-changing opportunities, on Aug. 3.
With strong roots in the greater northeast Ohio region, One Seven now manages a combined $2.8 billion in assets and has expanded its footprint across 11 U.S. states. The firm’s mission is “to continue to provide best-in-class 401k and retirement consulting services while also cultivating an environment to support its growing 36-advisor team in navigating life-changing opportunities—centered on trusted connections, meaningful work and purposeful growth,” said a statement announcing the merger.
“When we decided to merge, the most important thing we considered was culture—both firms had a core value of client-first,” said Ron Gross, President & CEO of MGO and a Co-Founder of One Seven. “But we know our success comes from the people who work alongside us, so as we evolved, it was essential to see how both firms espoused the concept of treating associates like our best clients.”
“One Seven embodies everything we look for when assessing community partners—they’ve built a boutique business with family roots, great vision, and institutional capabilities, said Tim Bello, Co-Founder and Managing Partner at Merchant, a private partnership providing growth capital, management resources, strategic opportunities and direction to independent financial services companies, particularly those focused on wealth and asset management.
“The Merchant partnership enables us to continue building on our advisor-centric foundation. Merchant has proved to be a partner willing to roll up their sleeves and work alongside us to focus on life-changing opportunities and grow our business,” said Todd Resnick, Co-Founder and President of One Seven. “Bringing the two companies together and collaborating with Merchant will allow us to leverage more great people and resources to help our advisors grow as people and professionals and provide the support they need to do that.”
David Mrazik, Co-Founder and Managing Partner at Merchant, added, “This partnership is a perfect illustration of the strength and strategic expertise that the Merchant team brings to its partnerships—in helping MGO and One Seven plan carefully for their merger and integration, we can add value that far exceeds our durable capital solutions.”
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Veteran financial services industry journalist Brian Anderson joined 401(k) Specialist as Managing Editor in January 2019. He has led editorial content for a variety of well-known properties including Insurance Forums, Life Insurance Selling, National Underwriter Life & Health, and Senior Market Advisor. He has always maintained a focus on providing readers with timely, useful information intended to help them build their business.