Wealth Enhancement Group, an acquisitive Minneapolis-based registered investment advisor, has acquired M&R Capital Management, a Summit, N.J.-based RIA, with more than $536 million in client assets. This represents WEG’s 15th deal this year, bringing its total client assets to more than $96.6 billion.
M&R was founded in 1993 by John Maloney, CEO and chairman, and Alan Rosenfield. They serve high-net-worth individuals, pilots, business owners and non-profit organizations. Maloney is joined by Paul DeSisto, senior vice president and financial advisor; Amos Warren, vice president and financial advisor; and three client service staff members.
“By joining forces with Wealth Enhancement Group, we’re able to enhance our services, expand our resources and continue to provide personalized financial strategies,” Maloney said in a statement. “Our clients will benefit from the added scale and solutions while maintaining the high level of care and attention they’ve come to expect from us.”
Terms of the deal were not disclosed. Park Sutton Advisors advised M&R on the deal.
The deal is the latest in another busy year for WEG. Most recently, in October, WEG purchased FinTrust Capital Advisors, a hybrid RIA in Greenville, S.C., with more than $2.39 billion. In September, the RIA added Levy Wealth Management Group, a Philadelphia-based hybrid RIA with more than $1.3 billion. In July, WEG purchased Rock House Financial, an independent RIA with $272 million, Peak Financial Services, a $123 million hybrid RIA in Northborough, Mass., and Starfox Financial Services, an RIA with more than $254 million in assets in The Woodlands, Texas.
Dekko shared his company’s approach to staffing models, strategic decision-making and the significance of organic growth in the financial advisory industry on the RIA Edge podcast in June. In addition, Doug Huber, vice president of investment strategy at Wealth Enhancement Group, discussed the firm’s strategies for private market strategies amid the ongoing evolution of alternative investments on the WealthManagement Invest podcast.
Among the most active RIA buyers of the last few years, WEG completed 18 deals in 2023, 14 in 2022 and 16 in 2021.
Founded in 1997, WEG has grown from $4 billion in AUM to over $96 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.
