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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 workforce 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 workforce of 5, together with three advisors, in response to a Type 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 workforce who has grown considerably over the past a number of years,” stated WEG CEO Jeff Dekko. “We’re excited to look at them proceed their progress at Wealth Enhancement Group by leveraging our extra sources with their shoppers.”
“As our agency has grown through the years, it is a pure subsequent step to boost our shoppers’ companies,” stated Mark. “Over the long run, we’re wanting ahead to the extra sources and assist our shoppers and workforce will obtain.”
Each companies are at the moment affiliated with American Portfolios Monetary Providers for brokerage companies, in response to federal filings.
Sensible Rhino Group, a transaction advisory agency representing the monetary companies business, supported each companies via the deal course of.
With the most recent additions, WEG now has 11 places throughout the state of New York.
Majority owned by TA Associates and Onex Companions, WEG has grown to 90 workplaces—with greater than 400 advisors overseeing some $68.6 billion in belongings for greater than 55,000 households—since its founding in 1997.
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