Wealth Enhancement Group, a Minneapolis-based hybrid advisory firm overseeing $57 billion in assets, said Thursday that it has acquired Sadoff Investment Management, a registered investment advisory firm managing $1.6 billion in assets.
Milwaukee, Wisconsin-based Sadoff was founded in 1978 by Ronald Sadoff. It has three advisers, Ronald, Bryan and Michael Sadoff, and three staff members.
This is Wealth Enhancement Group’s ninth deal this year, following the acquisition of $663 million Pinnacle Private Wealth in Burlington, Massachusetts, which was announced last week, and its purchase of Titus Wealth Management, a hybrid RIA overseeing $776 million, in July.
Rajesh Markan earlier this year pleaded guilty to one count of criminal fraud related to his sale of fake investments to 10 clients totaling $2.9 million.
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"The outcome is correct, but it's disappointing that FINRA had ample opportunity to investigate the merits of clients' allegations in these claims, including the testimony in the three investor arbitrations with hearings," Jeff Erez, a plaintiff's attorney representing a large portion of the Stifel clients, said.
Chair also praised the passage of stablecoin legislation this week.
Maridea Wealth Management's deal in Chicago, Illinois is its first after securing a strategic investment in April.
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Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
