Wealth management firm Wealth Enhancement has acquired the Wealth Services Division of First International Bank & Trust, which is headquartered in Watford City, North Dakota.
The division, managing over $581m in client assets, will transition to Wealth Enhancement Trust Services, an independent trust company that has been part of Wealth Enhancement’s full-service offerings since 2021.
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It provides a range of services, including personal trust and estate planning, as well as asset management services that encompass mineral management, investment management, and farmland management.
The division serves clients in North Dakota, as well as in Arizona, Minnesota, South Dakota, and other regions.
First International Bank & Trust CEO Peter Stenehjem said: “”We took great care in selecting a firm that would share the same wealth management philosophies and company values.
“Wealth Enhancement’s client-centric approach and wide range of sophisticated services will elevate the scope of services clients will have access to while maintaining a focus on relationships.”
MarshBerry, a consultancy and investment banking firm, represented the Wealth Services Division of First International Bank & Trust during the acquisition process.
Wealth Enhancement CEO Jeff Dekko said: “We are excited to announce our partnership with the Wealth Services Division of First International Bank & Trust.
“As clients increasingly seek expanded wealth management offerings, our firm remains committed to evolving and expanding our services to meet their needs.”
This move is part of Wealth Enhancement’s strategic expansion, which includes overseeing $107.5bn in client assets and operating from 146 offices nationwide.
Recently, Wealth Enhancement also acquired XO Wealth Management, an independent RIA based in Dallas, Texas.
The team, consisting of three advisors and three support staff, manages over $516m in client assets. Key personnel include Matthew Fuller, founder and managing director, Stephen Valelly, managing director, and Carl Carlos, first vice president.
