OneDigital Lassos $550M Texas RIA

OneDigital Investment Advisors, a wholly owned subsidiary of Digital Insurance LLC (known as OneDigital), acquired Houston-based retirement plan and wealth manager Legacy Asset Management Inc., which manages more than $500 million in assets.

Established in 1998 by CEO and president Joe Birkofer, the entire Legacy team will maintain its direct service to clients, transferring more than 100 retirement plan clients and 200 individual wealth management accounts to OneDigital’s platform, which totals more than $100 billion in assets.

“We know the workplace is the nucleus of America’s personal wealth creation,” said Birkofer. “Legacy has played a part in the delivery of financial wellness that leads to secure retirements over the past quarter century. Our partnership with OneDigital ensures that our clients will be at the forefront of wealth creation as we continue to grow.”

Legacy works with owner-operated businesses, professional service groups, high-net-worth individuals, and non-profit organizations in Texas and other states.

“Giving us a strong foothold in the wealth management and retirement services industry in Texas, a partnership with Legacy demonstrates our commitment to add value to our south-central clients by providing a full suite of offerings to best serve their needs,” said Kelley Snook, OneDigital’s SVP of retirement and wealth.

OneDigital’s South Central region, which encompasses Arkansas, Oklahoma, and Texas, collaborates with over 2,500 clients in various industries such as financial services, employee benefits, HR consulting, property and casualty insurance, and PEO solutions.

The Legacy deal marks OneDigital’s third wealth management acquisition this year. In February, the firm bought Wintrust Investments’ $2.6 billion Retirement Benefits Advisors division, which is a subsidiary of Wintrust Bank. A few weeks before that, One Digital acquired WealthSource Partners, a $2 billion California RIA.