OneDigital Investment Advisors, a registered investment advisory firm owned by multifaceted financial services company OneDigital, has acquired a retirement plan consulting and wealth management business located north of New York City at the southwest tip of the Connecticut border.
Founded in 1981 by Principal Robert Goldstein, StoneStreet Equity is a flat-fee, fiduciary firm focused on providing wealth management services for individuals and families, as well as financial wellness resources and retirement plan consulting services for plan providers and participants.
Bringing more than $3.8 billion in assets under advisement to the OneDigital platform, Goldstein is joined by his children and firm executives CIO Spencer Goldstein and Managing Director Heidi Sidley, both also principals in the firm.
Prior to the acquisition, StoneStreet was affiliated with OneDigital Investment Advisors’ partnership platform for about four years, following seven with Independent Financial Advisors and LPL Financial, according to an SEC filing.
“Beyond their great success in the traditional 401(k) space, they bring additional abilities to support our clients who offer defined benefit plans,” OneDigital Retirement and Wealth President Vincent Morris said in a statement. “The StoneStreet team provides a full suite of defined benefit plan management, de-risking, and pension risk transfer services.”
“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,” added Sidley.
The announcement comes a little more than three months after OneDigital announced its acquisition of Huntington National Bank’s 401(k) and retirement plan advisory business, along with 18 employees and $5.6 billion in advised assets. In March, the company added The Clear Group and 401(k) Resources.
“We will continue to expand our capabilities for these plan sponsors, enhance our financial wellness and advice offerings and accelerate our value creation for all our stakeholders,” Morris said in April.
OneDigital offers employee benefits, human resources, retirement and wealth management consulting, as well as practice management support and property and casualty insurance services to individuals and business owners.
Per a recent Form ADV, the company has around 500 employees, including 380 advisors, overseeing some $89 billion in collective assets—nearly 70% of which are considered nondiscretionary—across more than 25,000 client accounts. Among those clients are more than 4,800 pension and profit-sharing plans with some $72.2 billion in assets, about 100 government entities (including government pension plans) with around $3.8 billion and just over 1,000 plan participant accounts with more than $1 billion in collective assets.
Wise Rhino Group represented StoneStreet in the transaction, details of which were not disclosed.