It's not Wealth Enhancement Group's biggest deal of 2024, but it was enough to help the RIA colossus achieve numerous milestones.
The Minneapolis-based aggregator announced its acquisition of Danison & Associates, an independent RIA based in Columbus, Ohio, with more than $82 million in client assets.
The deal revealed Friday marks Wealth Enhancement Group’s fourth location in the state and brings the firm’s total assets under management to over $103 billion.
The Columbus-based RIA, founded in 1997, serves individuals and small businesses with wealth management and financial planning services. The team includes two advisors and two support staff led by Dean Danison, president, and Tracey Danison, vice president, who together bring over 65 years of combined industry experience.
“We are so pleased that Danison & Associates is joining Wealth Enhancement,” Jeff Dekko, chief executive officer of Wealth Enhancement Group, said in a statement Friday. “With access to our centralized planning, estate, tax, and trust services, we are confident that the team will continue to thrive and achieve even greater success.”
The partnership also gives the Captrust its first foothold in a key market, said Chief Strategy Officer Jim Cahn.
“The acquisition of Danison & Associates marks Wealth Enhancement’s first office location in Greater Columbus,” he said. "We look forward to fruitful collaboration and success with the team for years to come."
Dean Danison underscored the enhanced support and resources the partnership brings to his firm.
“We are excited to begin this next chapter as we partner with Wealth Enhancement, a highly respected firm in the industry," he said. "By joining Wealth Enhancement, we will be able to expand our capabilities and receive valuable back office support that will enable us to spend even more time with our clients.”
The deal closed on December 31, and represents Wealth Enhancement Group’s 20th completed transaction in the year. Like other top RIA acquirers, it snapped up numerous billion-dollar plus firms in 2024, including South Carolina-headquartered FinTrust Capital Advisors in October, Philadelphia-based Levy Wealth Management in September, and Houston's Financial Advisory Group in May.
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.
From building trust to steering through emotions and responding to client challenges, new advisors need human skills to shape the future of the advice industry.
"The outcome is correct, but it's disappointing that FINRA had ample opportunity to investigate the merits of clients' allegations in these claims, including the testimony in the three investor arbitrations with hearings," Jeff Erez, a plaintiff's attorney representing a large portion of the Stifel clients, said.
Chair also praised the passage of stablecoin legislation this week.
Maridea Wealth Management's deal in Chicago, Illinois is its first after securing a strategic investment in April.
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.
