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Minneapolis-based Wealth Enhancement Group, an acquisitive RIA with virtually $82 billion in shopper belongings, has picked up a hybrid Maryland agency with greater than $502 million in AUM.
Positioned within the Baltimore suburb of Columbia, Lynch Retirement Group contains three advisors and three help workers and was beforehand affiliated with Raymond James for brokerage and advisory companies.
The agency, which was established in 1997 by John Lynch and has a satellite tv for pc workplace in Fairfax, Va., offers monetary planning, custom-made portfolio administration and annuity evaluation for people saving for retirement.
Lynch will turn out to be a senior advisor at WEG.
“By partnering with Wealth Enhancement Group, our group will acquire entry to extra sources and companies to higher serve our shoppers,” he mentioned in an announcement.
“Our mixed strengths will foster an much more strong and complete monetary planning surroundings,” added Jim Cahn, who lately grew to become chief technique officer at WEG.
That is WEG’s fourth location in Maryland and is the third acquisition introduced by the agency in 2024. Among the many most energetic RIA consumers of the previous few years, WEG accomplished 18 offers final yr, 14 in 2022 and 16 in 2021.
Based in 1997, WEG has grown belongings from round $4 billion to just about $82 billion because it bought a majority stake to Lightyear Capital in 2015. When TA Associates purchased out Lightyear Capital’s funding in 2019, the agency was overseeing round $12 billion.
By the point Onex Companions took possession in 2021, WEG was managing near $40 billion.
“We’re most likely as busy as we’ve ever been,” Cahn informed WealthManagment.com earlier this month, explaining that offers are sourced by funding bankers, dealer/supplier introductions and referrals from WEG’s advisors.
“That is one thing I am actually pleased with as a result of folks come right here they usually’re joyful,” he mentioned, referencing a January piece written by Russ Alan Prince and Jerry Worth for Monetary Advisor. “I noticed a research lately that mentioned 55% of advisors remorse doing their deal, and I do know that that is not the case with us, as a result of our advisors are literally telling their mates to return be part of us and it’s been a very large supply of progress for us.
“We’ll proceed to do offers on a nationwide foundation,” he added. We’re not simply doing M&A for the belongings or the EBITDA; we’re doing M&A as a result of we wish expertise and since we expect we might help that expertise develop. Due to that, next-generation advisors, even when they’re older, are actually vital to us.”
Cahn mentioned he expects to hit the $100 billion mark within the subsequent couple of years, even when WEG does no extra offers. The agency boasts a 22% natural progress price, supported by a devoted advertising and marketing division with a physician of anthropology on workers.
“The sky’s the restrict,” he mentioned.
Earlier this yr, WEG closed offers to purchase Landmark Monetary Advisors in Bowling Inexperienced, Ken., with $543 million in belongings, and Piermont Wealth Administration, a New York agency with greater than $220 million.
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