OneDigital RIA Unit Acquires $2B California Wealth Manager

OneDigital Investment Advisors, an Overland Park, KS-based RIA and subsidiary of OneDigital, an insurance brokerage, financial services and HR consulting firm, acquired a $2 billion San Luis Obispo, CA-based wealth manager.

WealthSource Partners brings 44 employees and over 2,500 clients across nine states to OneDigital’s platform of more than $100 billion in assets under management.

Specific financial terms of the transaction were not revealed.

“The wealth management industry is highly complex and demanding and, together with WealthSource, we will meet the increasing challenges with our depth of knowledge and mutual desire to put our clients’ needs first,” said Vincent Morris, president retirement and wealth, at OneDigital.

WealthSource Partners was formed in 2009 by Bryan Sullivan, CEO, Eric Patton, CFO and Jon Dubravac, CBDO via a combination of their previous firm Sullivan was formerly with Vellum Financial, while Patton and Dubravac were with Avant-Garde Advisors.

Last year, the Onex Corp-backed OneDigital acquired several wealth management and retirement companies, including $3.8 billion Armonk, NY-based retirement plan advisory firm Stone Street Equity and $5.6 billion, Columbus, OH-based Huntington National Bank’s 401(k) advisory and retirement plan servicing business, a subsidiary of Huntington BancShares.