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.
LPL Financial and Raymond James also add independent advisors from Osaic and Edward Jones in Michigan and Arizona.
The SEC-registered RIA advises on more than $1 billion in client assets, with no advisory fee through 2027 and no human financial advisors.
The four wirehouse firms lost 1,449 experienced advisors and recruited 932 in the first six months of the year, according to Diamond Consultants.
Merit's 10th Commonwealth addition deepens its Western New York reach, while another Hightower partner joins its Signature Wealth platform in Michigan.
Report on Climate Action 100+ signals risk for passive managers' 13G status heading into the 2027 proxy season.
Knighthead Life entered the market with a competitive MYGA. A strong launch earned advisor confidence and paved the way for FIAs.
As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor
