Friday, November 17, 2023
HomeWealth ManagementWealth Enhancement Group Closes on 2 NY Acquisitions, $389M AUM

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 property, 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 workforce of two advisors and three assist workers supply retirement revenue, 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 property and a workforce of 5, together with three advisors, in accordance with a Type ADV filed early this yr.

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

“They’re a workforce who has grown considerably over the past a number of years,” stated WEG CEO Jeff Dekko. “We’re excited to observe them proceed their progress at Wealth Enhancement Group by leveraging our extra assets with their purchasers.” 

“As our agency has grown through the years, it is a pure subsequent step to boost our purchasers’ providers,” stated Mark. “Over the long run, we’re trying ahead to the extra assets and assist our purchasers and workforce will obtain.”

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

Clever Rhino Group, a transaction advisory agency representing the monetary providers trade, supported each companies by 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 property for greater than 55,000 households—since its founding in 1997.




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