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Minneapolis-based Wealth Enhancement Group has handed $79 billion in belongings within the first quarter of the 12 months after closing two offers.
On Thursday, the energetic acquirer introduced it picked up Piermont Wealth Administration, an impartial registered funding advisory agency managing round $221.4 million in belongings for 181 shoppers. The three-person workforce is concentrated on offering funding administration, property planning, present and revenue tax planning, retirement planning and monetary planning for retirees and people inside 10 years of retiring.
Led by founder and CEO Philip Capell, a CFP with a legislation diploma who serves as the one advisor, the 24-year-old agency relies out of Melville, N.Y, with a further workplace location in Boca Raton, Fla.
“We plan to make use of Wealth Enhancement Group’s sturdy funding analysis and administration workforce, a big selection of economic planning companies and skilled back-office assist workers,” Capell shared in a press release.
Based in 1997, WEG has grown belongings from round $4 billion to just about $80 billion since promoting a majority stake to Lightyear Capital in 2015.
WEG was overseeing some $12 billion by the point TA Associates purchased out Lightyear’s funding in 2019. When Onex Companions got here on board as a majority proprietor in 2021, the agency was managing near $40 billion.
After finishing 18 acquisitions in 2023, Wealth Enhancement Group is on observe to achieve $100 billion within the subsequent couple of years, in keeping with Chief Investments and Enterprise Improvement Officer Jim Cahn.
“We do not actually must do something to get to $100 billion,” he mentioned early final 12 months. “If we did not do one other transaction, simply between the market and flows we would be at $100 billion in three to 4 years.”
Earlier this 12 months, WEG closed on a deal to purchase Landmark Monetary Advisors in Bowling Inexperienced, Ken., with $543 million in belongings.
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