4.3 C
New York
Friday, December 1, 2023

Wealth Enhancement Group Closes on 2 NY Acquisitions, $389M AUM

Minneapolis-based Wealth Enhancement Group has acquired two extra companies with a complete $389 million in belongings, the corporate introduced Thursday, each in upstate New York.

The RIA has added Adirondack Retirement Specialists, a hybrid registered funding advisor managing about $272 million in Queensbury, New York, simply south of Lake George.

Led by President Sean Berger, who based ARS in 1996, the staff of two advisors and three assist employees supply retirement earnings, distribution, finance and tax planning round retirement plan withdrawals for people nearing or in retirement.

Out in Western New York, Wealth Administration Group joined WEG in Rochester with round $117 million in belongings and a staff of 5, together with three advisors, in accordance with a Kind ADV filed early this yr.

The hybrid RIA, led by President Adam Mark, was based in 1998 and can also be centered on providing monetary planning, wealth and asset administration companies for retirees and pre-retirees.

“They’re a staff who has grown considerably over the past a number of years,” mentioned WEG CEO Jeff Dekko. “We’re excited to look at them proceed their progress at Wealth Enhancement Group by leveraging our further sources with their purchasers.” 

“As our agency has grown through the years, it is a pure subsequent step to reinforce our purchasers’ companies,” mentioned Mark. “Over the long run, we’re wanting ahead to the extra sources and assist our purchasers and staff will obtain.”

Beforehand affiliated with American Portfolios Monetary Providers, each companies are taking their brokerage accounts over to LPL Monetary within the transfer.

Smart Rhino Group, a transaction advisory agency representing the monetary companies trade, supported each companies via the deal course of.

With the newest additions, WEG now has 11 areas throughout the state of New York.

Majority owned by TA Associates and Onex Companions, WEG has grown to 90 places of work—with greater than 400 advisors overseeing some $68.6 billion in belongings for greater than 55,000 households—since its founding in 1997.


Related Articles


Please enter your comment!
Please enter your name here

Latest Articles