Wealth Enhancement Group announced Thursday morning the acquisition of Kings Point Capital Management, a $1.7 billion advisory firm based in Great Neck, New York.
The deal pushes Minneapolis-based Wealth Enhancement Group’s total assets to $55 billion.
Kings Point was founded in 2005 by two former executives from Goldman Sachs, Jack Salzman and Jeffrey Bates, and has offices in New York and Tennessee. The firm specializes in customized portfolios, estate planning and charitable giving.
Like most deals these days, this one was driven by scale, said Kings Point senior managing partner Salzman.
“We sought a strategic partner with a reputation for high-quality service and found that Wealth Enhancement Group immediately understood our philosophy of service,” he said. “In addition, we saw opportunities to scale portfolio management and client services.”
David DeVoe, founder and chief executive of DeVoe & Co., advised Kings Point through the deal.
“Clients of the combined organization will benefit from a broader set of capabilities while still receiving the same superior service they experienced in the past,” DeVoe said. “The expanded opportunities for the next-generation team will also benefit the broader company as well as clients.”
This marks the fifth completed deal this year for Wealth Enhancement Group.
"We are thrilled that Kings Point chose to join forces with Wealth Enhancement Group,” Jim Cahn, Wealth Enhancement Group’s chief investments and business development officer, said in a statement.
“With more than 80 years of combined industry experience, Jack and Jeffrey are true leaders in the RIA space,” Cahn added. “We are honored to provide them with the additional scale and resources they need to continue competing in the evolving wealth management industry."
A $141M judgment and a federal asset freeze collide over one shrinking pool
The firm's CFO and EVP of Wealth Management Solutions are the latest executives to exit the broker-dealer.
Clients are saying they would consider switching advisors if another professional offered estate planning services, according to a new Trust & Will survey.
CEO Laurel Taylor says the fintech's composable AI stack helps workers optimize dollars across Trump Accounts, 529s, 401(k)s, and other employee benefits.
The bank has swiped three private banking veterans from BNY as the city climbs the ranks of America's fastest-growing wealth hubs.
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
Direct indexing is on pace to outgrow ETFs and mutual funds. Northern Trust's Ken Lassner explains why the advisors who get it wish they had started sooner.
