Wealth Enhancement Group announced Thursday morning the acquisition of Kings Point Capital Management, a $1.7 billion advisory firm based in Great Neck, New York.
The deal pushes Minneapolis-based Wealth Enhancement Group’s total assets to $55 billion.
Kings Point was founded in 2005 by two former executives from Goldman Sachs, Jack Salzman and Jeffrey Bates, and has offices in New York and Tennessee. The firm specializes in customized portfolios, estate planning and charitable giving.
Like most deals these days, this one was driven by scale, said Kings Point senior managing partner Salzman.
“We sought a strategic partner with a reputation for high-quality service and found that Wealth Enhancement Group immediately understood our philosophy of service,” he said. “In addition, we saw opportunities to scale portfolio management and client services.”
David DeVoe, founder and chief executive of DeVoe & Co., advised Kings Point through the deal.
“Clients of the combined organization will benefit from a broader set of capabilities while still receiving the same superior service they experienced in the past,” DeVoe said. “The expanded opportunities for the next-generation team will also benefit the broader company as well as clients.”
This marks the fifth completed deal this year for Wealth Enhancement Group.
"We are thrilled that Kings Point chose to join forces with Wealth Enhancement Group,” Jim Cahn, Wealth Enhancement Group’s chief investments and business development officer, said in a statement.
“With more than 80 years of combined industry experience, Jack and Jeffrey are true leaders in the RIA space,” Cahn added. “We are honored to provide them with the additional scale and resources they need to continue competing in the evolving wealth management industry."
While industry statistics pointing to a succession crisis can cause alarm, advisor-owners should be free to consider a middle path between staying solo and catching the surging wave of M&A.
New joint research by T. Rowe Price, MIT, and Stanford University finds more diverse asset allocations among older participants.
With its asset pipeline bursting past $13 billion, Farther is looking to build more momentum with three new managing directors.
A Department of Labor proposal to scrap a regulatory provision under ERISA could create uncertainty for fiduciaries, the trade association argues.
"We continue to feel confident about our ability to capture 90%," LPL CEO Rich Steinmeier told analysts during the firm's 2nd quarter earnings call.
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.
