Wealth Enhancement Group has strengthened its presence in the Northeast with its acquisition of a specialized wealth management practice in Massachusetts.
On Tuesday, the national independent wealth management firm announced it has snapped up Peak Financial Services, a hybrid RIA based in Northborough, Massachusetts.
The acquisition, Wealth Enhancement Group's fourth location in Massachusetts, increases the firm’s total client assets to over $85.4 billion.
Peak Financial Services manages more than $123 million in client assets and is led by founder and president Kevin O'Brien.
Jeff Dekko, CEO of Wealth Enhancement Group, expressed his enthusiasm for the new partnership.
"We extend a warm welcome to Kevin O'Brien and the team at Peak Financial Services,” Dekko said in a statement Tuesday.
“Given their integrated approach to wealth management and their focus on client relationships built on trust, we are confident Peak Financial Services will be an excellent partner," he said.
Founded in 1995, Peak Financial Services has been providing wealth management services for 29 years, primarily serving clients in central Massachusetts. The firm specializes in advising clients who are at or near retirement, as well as executives in the high-tech and biotechnology sectors.
O’Brien, whose professional resume stretches back more than 35 years, said his team went through multiple offers from national RIA firms before choosing Wealth Enhancement Group.
“[O]ur approaches to client service, investment disciplines and philosophies, and comprehensive wealth management are well aligned,” he said, highlighting the opportunity to expand offerings for clients with “Wealth Enhancement Group’s robust central services platform inclusive of dedicated investment management, trust, estate planning, and tax professionals.”
The move in Massachusetts builds on Wealth Enhancement Group’s considerable geographic reach that includes 115 offices serving more than 61,000 households.
Recently in June, the national independent announced another valuable East Coast addition with Atlas Fiduciary Financial, a $219 million fee-only practice led by founder and CEO Laura Mattia along with its chief investment officer, Stephen Craffen.
Prior to that in May, it closed a deal in the South with the Texas-based Financial Advisory Group, a $1.22 billion independent RIA.
A private partnership, Edward Jones is a giant in the retail brokerage industry with more than 20,000 financial advisors.
Meanwhile, Raymond James and Tritonpoint Partners separately welcomed father-son teams, including a breakaway from UBS in Missouri.
Paul Atkins has asked staff to solicit public comment on novel ETFs, pausing the clock on as many as 24 filings linked to the booming event contracts market.
From 401(k)s to retail funds, Deloitte sees private equity and credit crossing into mainstream investing on two fronts at once.
Big-name defections from Morgan Stanley, UBS, and Merrill Lynch headline a busy two weeks of recruiting for the wirehouse.
Wellington explores how multi strategy hedge funds may enhance diversification
As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management
