OneDigital Investment Advisors has acquired Praxis Consulting, a California-based retirement plan consulting firm.
Financial terms of the deal have not been disclosed.
Praxis specialises in corporate retirement plan consulting and investment management. It also provides a range of plan consultation services to support plan administration.
Under the terms of the transaction, the Praxis team will join OneDigital’s Retirement and Wealth division in adjacent roles.
Praxis managing principal Mark Ray will take up the role of senior vice president at OneDigital’s Retirement Services business.
Ray will continue to manage Praxis’ $240m in plan assets and $110m under management in the personal advisory market.
Commenting on the deal, Ray said: “OneDigital has developed a unique culture that prioritises its employees and clients with equal commitment to success that reflects who we are and our approach to doing business.
“This partnership also deepens the breadth of services to support our client’s overall business with integrated employee benefits and HR consulting.”
The acquisition expands OneDigital’s advisory services and solutions to over 100 offices in the US. It also adds an additional 60 retirement and wealth offices in the country.
OneDigital Retirement + Wealth president Vince Morris commented: “Mark is a great adviser who fits in well with our team and this partnership is a win-win for both OneDigital and Praxis.
“He was looking for a way to grow his business while also having time to focus on helping his clients. Together we will be able to help Mark and his team do just that.”
In June this year, OneDigital acquired retirement and wealth consultancy Fiduciary Plan Advisors, adding 6bn in assets under advisement to its books.
It followed the firm’s takeover of executive benefits consultancy Fulcrum Partners.