Wintrust Financial Corporation’s WTFC subsidiary, Wintrust Investments, has shaken hands on a strategic relationship with OneDigital Investment Advisors. The resultant shake-up will see OneDigital taking over Wintrust’s Retirement Benefits Advisors division, located in the heart of Chicago.
What does the acquisition mean? Well, for starters, OneDigital will soon be the proud owner of advisory accounts boasting an impressive $2.6 billion in retirement plan assets – a figure representing the financial futures of more than 40,000 participants and 200 clients. As a result, OneDigital can expect significant expansion and inflated capabilities.
As part of the extension, Dan Peluse and the Wintrust Retirement Benefits Advisors team will join hands with OneDigital, their collective expertise helping clients navigate the choppy seas of retirement planning while basking in the support and reach of OneDigital’s national retirement plan advisory practice.
Vincent Morris, president for retirement and wealth at OneDigital, announced, “We are over the moon that Wintrust Retirement Benefits Advisors has opted to mesh with OneDigital. The decision to sync our strengths underscores a shared commitment to providing holistic and customized retirement planning solutions that elevate client outcomes. OneDigital’s robust presence in Chicago, combined with Wintrust’s esteemed reputation and Dan Peluse’s proven leadership, arms us to further extend our influence in the region.”
Buoyed by the development, Tom Zidar, the chairman, and CEO of Wintrust Wealth Management, expressed, “We are thrilled about partnering with OneDigital. This move will enable us to boost the value we offer to our clients by leveraging better purchasing power with plan administrators and investment management firms and an expanded service offering beyond fiduciary plan consulting.”
Over the last six months, WTFC shares have outpaced the industry with a 25% gain compared to the industry’s mere 9.7% growth.
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Currently, WTFC carries a Zacks Rank #3 (Hold). You can access the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Landscape of Acquisitions in the Finance Sector
This January, Webster Financial WBS concluded the acquisition of Ametros Financial Corp, thereby broadening its financial services portfolio. Ametros, a leading professional administrator of medical insurance claim settlements in the country, will continue its operations under the Ametros and CareGuard brands.
This acquisition paves the way for WBS to delve into Ametros’ rapidly expanding pool of low-cost, long-duration deposits. The union not only diversifies its deposit portfolio but also brings in a fresh stream of non-interest income. Plans are afoot for seamless integration in the first quarter of 2024, accentuating the company’s pledge to strategic expansions.
In a bid to meet the mounting investor demand and expand its footprint in the alternative investments space, SEI Investments Company SEIC nabbed Altigo in December 2023. Altigo, a cloud-based technology platform, provides inventory, e-subscription, and reporting capabilities for alternative investments.
SEIC, a frontrunner in supporting sponsor firms’ operational and information needs, will leverage Altigo’s integration to bolster its capabilities across intermediary wealth channels and offer a more comprehensive end-to-end solution.
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Wintrust Financial Corporation (WTFC) : Free Stock Analysis Report
Webster Financial Corporation (WBS) : Free Stock Analysis Report
SEI Investments Company (SEIC) : Free Stock Analysis Report
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