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."
The $100B-plus mega-RIA is folding custom portfolios, daily tax-loss harvesting and unified managed accounts into its Aspen advisor tech platform
From using projects as strategic thinking exercises to real-world challenges as problem-solving exercises, indie firms can make for more powerful talent incubators.
New BCG research names financial services among the world's most AI-exposed industries and the US as a top-tier AI economy.
Rockefeller Capital Management's Mallory Findley on how avoiding conversations risks derailing even the best-laid estate plans.
New Empower research reveals a "retirement drift" problem that hands financial advisors a direct opening to add client value.
Knighthead Life entered the market with a competitive MYGA. A strong launch earned advisor confidence and paved the way for FIAs.
As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor
