Atlanta-based OneDigital Investment Advisors, an insurance brokerage, financial services and HR consulting firm, recently announced it acquired St. Johns County-based Florida Pension Group to its growing wealth management practice.
The acquisition of the Florida-based retirement plan consulting and wealth management firm marks OneDigital’s seventh retirement and wealth partnership announcement in the past twelve months and OneDigital’s 17th office in the Florida market.
"We are overjoyed to bring FPG and its exceptional group of financial advisors to OneDigital and our ever-expanding wealth management practice," said Vincent Morris, president of financial services at OneDigital. "Their more than 25 years of serving clients will amplify OneDigital’s mission of delivering holistic financial planning at the intersection of retirement and wealth management. We welcome FPG into the OneDigital family."
Founded in 1998 by Troy Tummond, FPG offers customized corporate retirement plans, executive benefit plans, comprehensive financial planning, retirement income planning and portfolio and asset management. Providing retirement plan services to over 100 businesses and wealth management services to over 270 households, FPG oversees more than $500 million assets under management.
"OneDigital is the right partner for our firm because of its proven track record of growth and unique ability to bridge the gap between retirement and wealth management, giving our team the platform to deliver even more for our clients and help them achieve their vision," Tummond said in a statement. "We are excited to join forces with OneDigital because they understand our culture of putting people first."
Tummond and the rest of FPG's staff will transition to OneDigital and join an existing team based in Jacksonville focused on employee benefits, Jason Chepenik, senior vice president of OneDigital's retirement + wealth division, told the Business-Journal in a phone interview.
"We want to build an ecosystem in Jacksonville," Chepenik said.
He said OneDigital has been focusing on BabyBoomers exiting the workforce and transitioning from employee benefits into wealth management. He said the acquisition of FPG will further OneDigital's goal of not only helping the next generation of workers plan for retirement while they are still employed but to able to increase its operations helping workers as they exit the workforce.
After the transition, adding Florida Pension Group’s total assets under management brings OneDigital’s assets under management to approximately $108.9 billion, representing over one million participants and 41,000 individual accounts, according to a statement from the company.
