Minnesota-based Wealth Enhancement Group has agreed to buy RCL Advisors, a New York-based RIA, for an undisclosed sum.
RCL tends to wealthy individuals and institutions, with its service suite including investment management, tax strategies, trust and estate planning, retirement planning, and education planning, among others.
Go deeper with GlobalData
The business has a staff strength of 12, which includes five advisers.
Upon completion, the RCL deal will add around $1.4bn in assets to Wealth Enhancement Group’s $13.6bn portfolio.
It will mark the launch of Wealth Enhancement Group’s 28th branch and its second Manhattan office.
Through the acquisition, Wealth Enhancement Group aims to bolster its footprint in the New York-New Jersey-Connecticut tri-state area.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataDeal completion is expected at the start of next year.
Wealth Enhancement Group CEO Jeff Dekko called RCL a “perfect fit”.
“We look forward to working with RCL Advisors to build on their success, and we are excited to help them continue to expand their presence in the tri-state area – a geography that is a key strategic focus for us going forward,” Dekko noted.
Wealth Enhancement Group purchased AEPG Wealth Strategies, Planning Solutions Group, Wiley Group, and Summit Planning Group this year.
This July, private equity firm TA Associates announced the acquisition of a majority stake in Wealth Enhancement Group from Lightyear Capital.
