Wealth Enhancement Group scores $1.22B Texas RIA

Wealth Enhancement Group scores $1.22B Texas RIA
The national independent’s latest acquisition, led by a three-decade industry veteran, marks its fifth deal for 2024.
MAY 29, 2024

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.

Latest News

The 2025 InvestmentNews Awards Excellence Awardees revealed
The 2025 InvestmentNews Awards Excellence Awardees revealed

From outstanding individuals to innovative organizations, find out who made the final shortlist for top honors at the IN awards, now in its second year.

Top RIA Cresset warns of 'inevitable' recession amid tariff uncertainty
Top RIA Cresset warns of 'inevitable' recession amid tariff uncertainty

Cresset's Susie Cranston is expecting an economic recession, but says her $65 billion RIA sees "great opportunity" to keep investing in a down market.

Edward Jones joins the crowd to sell more alternative investments
Edward Jones joins the crowd to sell more alternative investments

“There’s a big pull to alternative investments right now because of volatility of the stock market,” Kevin Gannon, CEO of Robert A. Stanger & Co., said.

Record RIA M&A activity marks strong start to 2025
Record RIA M&A activity marks strong start to 2025

Sellers shift focus: It's not about succession anymore.

IB+ Data Hub offers strategic edge for U.S. wealth advisors and RIAs advising business clients
IB+ Data Hub offers strategic edge for U.S. wealth advisors and RIAs advising business clients

Platform being adopted by independent-minded advisors who see insurance as a core pillar of their business.

SPONSORED Compliance in real time: Technology's expanding role in RIA oversight

RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.

SPONSORED Advisory firms confront crossroads amid historic wealth transfer

As inheritances are set to reshape client portfolios and next-gen heirs demand digital-first experiences, firms are retooling their wealth tech stacks and succession models in real time.