Wealth Enhancement has added another firm to its growing network, marking its third in a little over a week.
The RIA has acquired the Wealth Services Division of First International Bank & Trust headquartered in Watford City, North Dakota, giving the firm its first location in the state and adding $581 million to its $107.5 billion AUM.
"Trust services is a critical component of being a true family office, and we are excited to continue strengthening our capabilities for our largest multi-generational family relationships. This acquisition marks our first location in North Dakota, expanding our presence to 34 states nationwide,” said Jim Cahn, chief strategy officer of Wealth Enhancement.
It was only last week that Wealth Enhancement announced the addition of $516 million AUM Dallas firm XO Wealth Management and also Cleveland based $4.3 billion AUM Marcum Wealth.
The latest expansion is a team that offers personal trust, estate planning, and asset management services including mineral management, investment management, and farmland management. It has clients in North Dakota, Arizona, Minnesota, South Dakota and beyond.
The additions to Wealth Enhancement’s nationwide footprint provide both geographical and capability expansion.
The fast-growing firm announced last year that it will split from LPL Financial as its broker-dealer, ending a 17-year relationship this coming June.
“We have appreciated their partnership over the years and are working in close cooperation to smoothly transition the approximately 10 percent of our clients’ assets affiliated with LPL to other custodians and partners,” a spokesperson wrote in an email to InvestmentNews.
LPL has made news itself this week by announcing its acquisition of Commonwealth Financial Network in a $2.7 billion all-cash deal.
Federal prosecutors say the scheme used fake investment accounts and a fictitious financial advisor to lure victims into romance-fueled fraud.
Morgan Stanley sought to claw back recruiting bonus money from Darryl Cohen.
Referrals from centers of influence may open the door, but the real key to success for advisors comes from clarity about their ideal clients and where they want to show up.
Three advisor groups overseeing more than $700M in combined client assets head to new firms.
New research finds most Americans fear a US retirement crisis, while skepticism grows toward AI financial advice and crypto in retirement plans.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
