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.
The move to charge data aggregators fees totaling hundreds of millions of dollars threatens to upend business models across the industry.
The latest snapshot report reveals large firms overwhelmingly account for branches and registrants as trend of net exits from FINRA continues.
Siding with the primary contact in a marriage might make sense at first, but having both parties' interests at heart could open a better way forward.
With more than $13 billion in assets, American Portfolios Advisors closed last October.
Robert D. Kendall brings decades of experience, including roles at DWS Americas and a former investment unit within Morgan Stanley, as he steps into a global leadership position.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
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.
