Minneapolis-based Wealth Enhancement Group has passed $79 billion in assets in the first quarter of the year after closing two deals.
On Thursday, the active acquirer announced it picked up Piermont Wealth Management, an independent registered investment advisory firm managing around $221.4 million in assets for 181 clients. The three-person team is focused on providing investment management, estate planning, gift and income tax planning, retirement planning and financial planning for retirees and those within 10 years of retiring.
Led by founder and CEO Philip Capell, a CFP with a law degree who serves as the only advisor, the 24-year-old firm is based out of Melville, N.Y, with an additional office location in Boca Raton, Fla.
“We plan to use Wealth Enhancement Group’s strong investment research and management team, a wide array of financial planning services and experienced back-office support staff,” Capell shared in a statement.
Founded in 1997, WEG has grown assets from around $4 billion to nearly $80 billion since selling a majority stake to Lightyear Capital in 2015.
WEG was overseeing some $12 billion by the time TA Associates bought out Lightyear’s investment in 2019. When Onex Partners came on board as a majority owner in 2021, the firm was managing close to $40 billion.
After completing 18 acquisitions in 2023, Wealth Enhancement Group is on track to reach $100 billion in the next couple of years, according to Chief Investments and Business Development Officer Jim Cahn.
“We don't really have to do anything to get to $100 billion,” he said early last year. “If we didn't do another transaction, just between the market and flows we'd be at $100 billion in three to four years.”
Earlier this year, WEG closed on a deal to buy Landmark Financial Advisors in Bowling Green, Ken., with $543 million in assets.