Minneapolis-based Wealth Enhancement Group, the acquisitive registered investment advisor with over $81.5 billion in client assets, purchased The Financial Advisory Group, a Houston-based RIA with more than $1.22 billion in client assets.
The Financial Advisory Group has seven advisors and 14 support staff. The deal marks WEG’s fifth acquisition this year and its third Texas office.
The RIA was founded in 1997 by chairman and CEO Richard J. Alphonso and has built a niche-based practice serving oral surgeons, doctors, attorneys, business owners and family office clients.
"After a 32-year career in this profession, this is the opportunity of a lifetime to continue delivering wealth management services to the next generation,” Alphonso said in a statement. “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.”
This deal follows WEG’s acquisition earlier this month of The Retirement Group, a hybrid RIA headquartered in San Diego, with over $809 million in assets.
Among the most active RIA buyers of the last few years, WEG completed 18 deals last year, 14 in 2022 and 16 in 2021.
Founded in 1997, WEG has grown from $4 billion in AUM to more than $81.5 billion since it sold a majority stake to Lightyear Capital in 2015. TA Associates bought out Lightyear Capital’s investment in 2019 when the firm was overseeing around $12 billion. Onex Partners took ownership in 2021, just as the firm approached $40 billion in AUM.