RIA aggregator Wealth Enhancement Group has continued its acquisition spree with the purchase of Boston-Based RIA North American Management (NAM), which manages $1.75bn in client assets.
The deal, whose financial terms have not been disclosed, is expected to take the group’s total client assets to nearly $30bn.
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Founded in 1928, NAM provides planning-oriented wealth management and trust services to ultra-high-net-worth (UHNW) individuals, families, endowments/foundations, and business owners in the US.
The firm also offers a spectrum of investment offerings, including individual security portfolios.
Following the transaction, which is expected to close next month, it will operate as the North American Management Team at Wealth Enhancement Group.
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By GlobalDataThis latest purchase builds on Wealth Enhancement’s long-term strategy of developing significant scale in the Northeast US and other significant markets across the country.
Moreover, the acquisition will add 20 new employees to the company’s roster, including nine financial advisors.
Speaking on the deal, Wealth Enhancement Group CEO Jeff Dekko said: “NAM’s success in building multi-generational client relationships is a model for our team, and will further expand Wealth Enhancement Group’s ultra-high-net-worth and trust services capabilities, among many other benefits.
“We look forward to working with NAM’s professionals to further deepen our presence in the strategically critical Northeast region, and to helping them accelerate their growth by leveraging our centralised marketing and technology platforms.”
North American Management chairman and CEO Robert Scott added: “Our goal in identifying a new strategic partner was not simply to join a larger platform, but to find a home for our clients that will last for decades to come as we work to guide them toward their financial goals.
“Jeff Dekko and his team understand this client-first mentality, and we look forward to the continued evolution of our client services and our growth as part of Wealth Enhancement Group.”
Recent Deals by Wealth Enhancement Group
This January, Wealth Enhancement Group purchased Connecticut-based RIA Reby Advisors, which oversees about $727m in client assets.
In December last year, the company agreed to buy Wisconsin-based $320m hybrid RIA Financial Wealth Management and SVA Financial Group in separate deals.
It followed the company’s acquisition of New York-based independent RIA 10-15 Associates and New York-based hybrid RIA CJM Wealth Management.
It snapped up Atlanta, Georgia-based RIA and JOYN Advisors and New York-based hybrid RIA CJM Wealth Management earlier the same year.
