Wealth Enhancement Group, a leading buyer of wealth management firms, said Wednesday it had acquired Heacock & Jones Financial Services Inc. an independent registered investment advisor located in Dubuque, Iowa.
It was the sixth acquisition by Wealth Enhancement Group this year, according to the company. Terms of the deal were not disclosed.
“After 23 years as a private, independent firm, we are excited about partnering with Wealth Enhancement Group," Paul Heacock, president of Heacock and Jones, said in a statement. "We continue to believe an open and transparent, client-centered relationship is the key to long-term success, which is aligned with Wealth Enhancement Group’s philosophy."
Private equity manager TA Associates bought Wealth Enhancement Group in 2019 from Lightyear Capital, another private equity firm. At the time, Wealth Enhancement Group had $11.8 billion in client assets; it now has $66.8 billion, according to the company.
In 2021, a Canadian investment firm and asset manager, Onex Corp., became co-owner of Wealth Enhancement Group, along with TA Associates.
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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