Minneapolis-based Wealth Enhancement Group, the acquisitive registered funding advisor with over $81.5 billion in consumer property, bought The Monetary Advisory Group, a Houston-based RIA with greater than $1.22 billion in consumer property.
The Monetary Advisory Group has seven advisors and 14 assist employees. The deal marks WEG’s fifth acquisition this yr and its third Texas workplace.
The RIA was based in 1997 by chairman and CEO Richard J. Alphonso and has constructed a niche-based observe serving oral surgeons, medical doctors, attorneys, enterprise house owners and household workplace shoppers.
“After a 32-year profession on this occupation, that is the chance of a lifetime to proceed delivering wealth administration companies to the subsequent technology,” Alphonso stated in a press release. “This partnership will permit us to boost our shoppers’ expertise, shift tasks that don’t contribute to the general consumer expertise, and supply skilled alternatives to the subsequent technology of execs who serve our shoppers.”
This deal follows WEG’s acquisition earlier this month of The Retirement Group, a hybrid RIA headquartered in San Diego, with over $809 million in property.
Among the many most energetic RIA patrons of the previous couple of years, WEG accomplished 18 offers final yr, 14 in 2022 and 16 in 2021.
Based in 1997, WEG has grown from $4 billion in AUM to greater than $81.5 billion because it offered a majority stake to Lightyear Capital in 2015. TA Associates purchased out Lightyear Capital’s funding in 2019 when the agency was overseeing round $12 billion. Onex Companions took possession in 2021, simply because the agency approached $40 billion in AUM.
