It appears that Wealth Enhancement Group, the giant and still-growing RIA aggregator, isn't quite done updating its 2024 deal calendar.
On Tuesday, the firm announced its acquisition of Northwest Investment Counselors, a Lake Oswego, Oregon-based RIA managing over $673 million in client assets.
The deal, which closed on December 31, marks Wealth Enhancement’s 21st transaction of the year and its third location in Oregon.
Over the first nine months of 2024, Wealth Enhancement acquired $5.7 billion in client assets across 11 deals, making it the most active RIA acquirer in Echelon Partners' Q3 2024 RIA M&A deal report.
Northwest Investment Counselors, founded in 1998, provides investment management, trust services, and financial planning to clients in Oregon and Washington. The firm’s team includes five advisors and three support staff, led by principals Mark Scarlett, Matthew Roehr, and Michelle Castano Garcia.
"Wealth Enhancement is pleased to officially announce our partnership with Northwest Investment Counselors as we expand our presence in the Pacific Northwest," Jeff Dekko, chief executive officer of Wealth Enhancement, said in a statement Tuesday.
"This collaboration not only bolsters our bench of experienced professionals but also broadens the scope of services we offer and enables us to better serve clients in the growing region," he continued.
For Northwest Investment Counselors, the partnership offers an opportunity to build on its mission of helping clients “live well, retire better.” Scarlett, principal and portfolio manager at the firm, expressed optimism about the benefits of the merger.
"Our firms share a similar wealth management philosophy, with a deep focus on delivering the best possible advice for each client," he said, underscoring the opportunity to "strengthen our capabilities, deepen our resources, and allow us to continue prioritizing the needs of our valued clients.
Wealth Enhancement's announced partnership with Northwest Investment Counselors came shortly after it unveiled its acquisition of Danison & Associates, an Ohio-based independent RIA.
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