OneDigital, an Atlanta-based insurance, talent and financial advisory firm with more than $155 billion in client assets, has acquired Rosenthal Wealth Management Group, a $1.8 billion registered investment advisor based in Manassas, Va., with additional offices in Maryland and Western Pennsylvania.
The eight-advisor team is leaving independent broker/dealer Cetera to make the move to OneDigital Investment Advisors. The firm marks the 23rd wealth manager that the Overland Park, Kan.-based RIA channel of OneDigital has acquired over the past five years, across both individual clients and employer-sponsored retirement plan sponsors.
According to the announcement, founder and President Larry Rosenthal established the firm in 1995 on a philosophy that financial advice should be personal, proactive and centered on long-term relationships across generations. It was affiliated with Voya Financial Advisors for about 25 years before moving to Cetera for about 5 years, according to BrokerCheck. In that time, it has grown to work with more than 2,000 households nationwide, with a concentration in the Mid-Atlantic United States.
“The world of wealth management grows more complex every year, and staying ahead of that complexity has always been central to who we are,” Rosenthal said in a statement. “We spent nearly two years looking for an ally who could match our commitment to clients while giving our team room to grow.”
The firm will adopt the OneDigital brand name while retaining its team and client relationships. It will, in turn, gain access to both OneDigital’s wealth and retirement plan platforms and its insurance offerings.
The move comes amid what investment banks DeVoe & Company and Marshberry have recently forecast may be another record-breaking year for M&A in the RIA space. In February, OneDigital acquired another team with a similar asset size ($1.73 billion) in San Jose, Calif., focusing on employer-sponsored retirement plans.
Earlier this year, OneDigital was also among a handful of wealth managers hit by a data breach involving Salesforce. That breach exposed the data of thousands of customers and prompted OneDigital to offer complimentary credit and identity monitoring services for several months.
