Minneapolis-based Wealth Enhancement Group, the acquisitive registered funding advisor with over $85.4 billion in shopper belongings, has bought Peak Monetary Providers, a $123 million hybrid RIA. Northborough, Mass.-based Peak is WEG’s fourth location within the state.
Peak was based in 1995 by President Kevin O’Brien. It focuses on working with shoppers who’re at or close to retirement and executives of high-tech and biotechnology firms.
“After entertaining quite a few presents from outstanding, nationwide RIA corporations, we selected Wealth Enhancement Group as our approaches to shopper service, funding disciplines and philosophies, and complete wealth administration are nicely aligned,” O’Brien stated in an announcement.
O’Brien stated he expects to develop the providers supplied to his shoppers by tapping WEG’s devoted funding administration, belief, property planning and tax professionals.
The Peak deal follows WEG’s acquisition final week of Starfox Monetary Providers, an RIA with greater than $254 million in belongings in The Woodlands, Texas.
The offers come only a couple weeks after a person who claims to have co-founded WEG filed a lawsuit in opposition to the acquisitive RIA, alleging it reneged on paying him “finder’s charges” for corporations the corporate later acquired.
Gerald “Jerry” Bernard filed the go well with in Minnesota’s Hennepin County, searching for greater than $50,000. In response to the go well with, Bernard has over 40 years within the wealth administration business and co-founded WEG along with his spouse, Madeline, in 1996.
A WEG spokesperson stated the claims haven’t any benefit and that the agency will defend in opposition to them.
Among the many most energetic RIA patrons of the previous few 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 over $85 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.
