SageView Recruits $5.2B Retirement Consulting Firm

SageView Advisory Group, an independent registered investment advisor based in Newport Beach, CA, has recruited a five-person team of retirement plan advisors from San Diego-based Retirement Benefits Group (RBG), which has $5.2 billion in assets under advisement.

SageView did not disclose terms of the deal, which is expected to close on June 30.

RBG co-founders Tony Franchimone and Larry Deatherage, who started the firm in 2010, will become managing directors and also bring $63 million in assets under management. The team will also be joined by retirement plan consultant Cory McCarthy, wealth adviser Winston Ventura and client services associate Rachel Hall.

RBG had more than a dozen other team members located in 13 offices around the US, according to the firm’s website. RBG became an affiliate of OneDigital in 2020 when the retirement consulting and wealth aggregator acquired Resources Investment Advisors LLC, bringing on 13 retirement plan and wealth management firms, including RBG.

SageView CEO Randy Long says that given RBG was operating in both retirement plans and wealth management made them a strong fit and that Franchimone and Deatherage are particularly knowledgeable about managed accounts.

“We’ve been competing with Tony and Larry for 20 years, and we’re glad that we’ll now be working together with them,” Long said.

This is the ninth acquisition for SageView since July 2021, when private equity firm Aquiline Capital Partners took a majority stake in the firm. The company currently advises on more than 1,900 defined contribution, defined benefit and deferred compensation plans, in addition to providing wealth management services.

The firm acquired MJM401k of Arizona and Southern California in 2021, Channel Financial of Minnesota and kPlans Investment Services Inc. of California last year.