Minneapolis-based Wealth Enhancement Group has acquired two more firms with a total $389 million in assets, the company announced Thursday, both in upstate New York.
The RIA has added Adirondack Retirement Specialists, a hybrid registered investment advisor managing about $272 million in Queensbury, New York, just south of Lake George.
Led by President Sean Berger, who founded ARS in 1996, the team of two advisors and three support staff offer retirement income, distribution, finance and tax planning around retirement plan withdrawals for individuals nearing or in retirement.
Out in Western New York, Wealth Management Group joined WEG in Rochester with around $117 million in assets and a team of five, including three advisors, according to a Form ADV filed early this year.
The hybrid RIA, led by President Adam Mark, was founded in 1998 and is also focused on offering financial planning, wealth and asset management services for retirees and pre-retirees.
“They are a team who has grown significantly over the last several years,” said WEG CEO Jeff Dekko. “We are excited to watch them continue their growth at Wealth Enhancement Group by leveraging our additional resources with their clients."
“As our firm has grown over the years, this is a natural next step to enhance our clients' services,” said Mark. “Over the long term, we're looking forward to the additional resources and support our clients and team will receive.”
Previously affiliated with American Portfolios Financial Services, both firms are taking their brokerage accounts over to LPL Financial in the move.
Wise Rhino Group, a transaction advisory firm representing the financial services industry, supported both firms through the deal process.
With the latest additions, WEG now has 11 locations across the state of New York.
Majority owned by TA Associates and Onex Partners, WEG has grown to 90 offices—with more than 400 advisors overseeing some $68.6 billion in assets for more than 55,000 households—since its founding in 1997.