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Minneapolis-based Wealth Enhancement Group has handed $79 billion in property within the first quarter of the 12 months after closing two offers.
On Thursday, the lively acquirer introduced it picked up Piermont Wealth Administration, an impartial registered funding advisory agency managing round $221.4 million in property for 181 purchasers. The three-person workforce is targeted on offering funding administration, property planning, reward 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 is predicated out of Melville, N.Y, with an extra workplace location in Boca Raton, Fla.
“We plan to make use of Wealth Enhancement Group’s sturdy funding analysis and administration workforce, a wide selection of monetary planning providers and skilled back-office assist workers,” Capell shared in a press release.
Based in 1997, WEG has grown property from round $4 billion to almost $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 succeed in $100 billion within the subsequent couple of years, based on Chief Investments and Enterprise Growth 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 might 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 property.
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