Onex-Backed RIA Continues to Swallow RIAs Including TimeScale Financial
Posted on 07/03/2022
OneDigital Investment Advisors continues to acquire more registered investment advisors (RIA). In 2021, OneDigital Investment Advisors acquired Westminster Consulting, a registered investment adviser firm that bolstered OneDigital’s client roster by more than 71 retirement plans with $6 billion in plan assets. Other deals by OneDigital Investment Advisors included them buying Fiduciary Plan Advisors, Clearview Advisory, and Atlanta Retirement Partners.
On June 6, 2022, OneDigital Investment Advisors acquired registered investment adviser firm TimeScale Financial, a Danvers, Massachusetts-based firm. The deal added 95 plan sponsor clients with US$ 2.2 billion in assets to OneDigital’s platform, a spokeswoman said. In addition, OneDigital gained 950 individual clients with roughly US$ 800 million in assets. As part of the transaction, TimeScale’s entire 19-person team, including its CEO James Horrocks, have joined OneDigital.
OneDigital Investment Advisors is a subsidiary of insurance broker OneDigital. OneDigital initiated its push into retirement plan and wealth management services in February 2020 with the purchase of US$ 45 billion RIA firm Resources Investment Advisors and a cadre of its affiliated firms, including Bukaty Cos. Financial Services, Cafaro Greenleaf, and Chepenik Financial.
On October 8, 2020, Onex Corporation acquired a majority equity stake in OneDigital from New Mountain Capital.