OneDigital, which describes itself as a “tech-enabled” insurance, talent and financial advisory firm, has acquired PWL Capital, a wealth management firm headquartered in Montreal, Canada. The deal represents OneDigital’s first international expansion, bringing approximately C$5.5 billion in client assets across the more than 2,300 clients PWL serves.
PWL was founded in 1996 and has offices in Ottawa, Montreal and Toronto. It’s one of Canada’s largest independent wealth management firms, with over 70 employees, including over 25 that are registered with the Canadian Investment Regulatory Organization.
The firm will operate as an independent subsidiary of OneDigital while taking on its branding.
This is a first step toward OneDigital’s long-term expansion into Canada. The company also plans to invest in employee benefits, property and casualty insurance and working consulting companies.
“This is a consequential investment for OneDigital as we make our first move into the Canadian market, partnering with a group that has a shared commitment to delivering investment and financial planning solutions centered around our client’s needs,” said Mike Sullivan, co-founder and chief growth officer at OneDigital, in a statement. “PWL brings an exceptional team with deep expertise in wealth management, making them the perfect partner as we expand our footprint internationally. Together, we’re poised to bring more systematic, client-first financial solutions to Canadians, marking the beginning of an exciting new chapter for OneDigital’s growth and our ability to serve clients on a global scale.”
Over the last several years, OneDigital has been growing its U.S.-based RIA, OneDigital Investment Advisors in Overland Park, Kan. That unit now has $107 billion in assets under management, according to the firm’s latest ADV.
