Wealth Enhancement Group has closed another deal in the south with an independent RIA in Houston, Texas.
Wealth Enhancement Group announced Wednesday that it has acquired The Financial Advisory Group, bringing its total client assets to over $81.5 billion.
Since its inception in 1997, the Financial Advisory Group has grown to manage more than $1.22 billion in client assets. The firm is led by Richard Alphonso and includes seven financial advisors and 14 support team members.
The firm offers a blend of tax planning, traditional investment management, family office services, and comprehensive financial planning, targeting niches such as oral surgeons, doctors, attorneys, and business owners.
In a statement, Jeff Dekko, chief executive officer of Wealth Enhancement Group, highlighted the firm’s “dedication to delivering a high-quality client experience and customized financial services,” underscoring its alignment with his firm’s goals.”
The acquisition is also part of Wealth Enhancement Group’s broader strategic expansion into Texas, marking its third location in the state.
Alphonso, who’s been in the industry for 32 years, including 26 as an investment advisor, described the transaction as the opportunity of a lifetime to continue delivering wealth management services to the next generation.”
“This partnership will allow us to enhance our clients' experience, shift responsibilities that don't contribute to the overall client experience, and provide professional opportunities to the next generation of professionals who serve our clients,” he said.
The deal to snap up the Financial Advisory Group in Texas marks Wealth Enhancement Group’s fifth acquisition for 2024.
The national independent’s acquisition streak so far this year includes a $502 million hybrid RIA it swiped from Raymond James in April and an earlier March deal to snap up a $226 million practice in Florida.
The latest arrivals, including a 10-advisor ensemble from Ameriprise, bolster the firm's independent contractor and employee advisor channels.
The firm has also appointed Mike Downing and Sean Brennan as co-presidents to its US operations as it looks to proceed with an ambitious five-year growth plan.
Meanwhile, Kestra partner Coastline Wealth Management passes a milestone in its geographic expansion with a former Ameriprise team in New York.
New research also reveals that one third of HSA holders withdrew more than they put in.
Blue Anchor Capital Management and Pickett also purchased "highly aggressive and volatile" securities, according to the order.
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.
How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave
