Wealth Enhancement Group has closed another deal in the south with an independent RIA in Houston, Texas.
Wealth Enhancement Group announced Wednesday that it has acquired The Financial Advisory Group, bringing its total client assets to over $81.5 billion.
Since its inception in 1997, the Financial Advisory Group has grown to manage more than $1.22 billion in client assets. The firm is led by Richard Alphonso and includes seven financial advisors and 14 support team members.
The firm offers a blend of tax planning, traditional investment management, family office services, and comprehensive financial planning, targeting niches such as oral surgeons, doctors, attorneys, and business owners.
In a statement, Jeff Dekko, chief executive officer of Wealth Enhancement Group, highlighted the firm’s “dedication to delivering a high-quality client experience and customized financial services,” underscoring its alignment with his firm’s goals.”
The acquisition is also part of Wealth Enhancement Group’s broader strategic expansion into Texas, marking its third location in the state.
Alphonso, who’s been in the industry for 32 years, including 26 as an investment advisor, described the transaction as the opportunity of a lifetime to continue delivering wealth management services to the next generation.”
“This partnership will allow us to enhance our clients' experience, shift responsibilities that don't contribute to the overall client experience, and provide professional opportunities to the next generation of professionals who serve our clients,” he said.
The deal to snap up the Financial Advisory Group in Texas marks Wealth Enhancement Group’s fifth acquisition for 2024.
The national independent’s acquisition streak so far this year includes a $502 million hybrid RIA it swiped from Raymond James in April and an earlier March deal to snap up a $226 million practice in Florida.
Despite a lighter regulatory outlook and staffing disruptions at the SEC, one compliance expert says RIA firms shouldn't expect a "free pass."
FINRA has been focused on firms and their use of social media for several years.
RayJay's latest additions bolster its independent advisor channel's presence across Pennsylvania, Florida, and Washington.
The deal ending more than 30 years of ownership by the Swiss bank includes six investment strategies representing more than $11 billion in AUM.
Divorce, widowhood, and retirement are events when financial advisors may provide stability and guidance.
How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave
From direct lending to asset-based finance to commercial real estate debt.
