Wealth Enhancement Group, an acquisitive Minneapolis-based registered investment advisor, has purchased Levy Wealth Management Group, LLC, a Philadelphia-based hybrid RIA.
Levy’s team oversees more than $1.3 billion in clients’ assets and is led by President Victor Levy, Chief Operating Officer and Wealth Advisor Michael Clatterbuck and Wealth Advisor Joseph Robostello. It is WEG’s ninth location in Philadelphia and the deal pushes its total clients assets to more than $90 billion.
“Victor, Michael, Joe, and their team have built a sophisticated practice rooted in personalized financial planning,” WEG CEO Jeff Dekko said in a statement. “They live their mission–We Show We Care—every day by building strong, sustainable client relationships.”
Levy Wealth Management Group was formed out of Leon L. Levy and Associates, a life and disability insurance brokerage firm founded by Victor’s father, Leon L. Levy, in 1972, and where Victor and his brother, David Levy, established their specialties in wealth management and group insurance, respectively.
The firm provides comprehensive wealth management services and specializes in working with healthcare professionals, business owners and multiple generations of family members who are interested in wealth management, tax planning, estate planning and holistic financial planning.
“The comprehensive resources the firm provides will enable us to further our mission of helping clients more efficiently reach their financial goals,” Victor Levy said in a statement. “Furthermore, we look forward to working alongside a team that shares our commitment to technological innovation, investment efficiency, and client care.”
“With their mission of helping clients integrate aspects of their financial life to achieve their goals, we are confident this will be a mutually beneficial partnership,” added WEG Chief Strategy Officer Jim Cahn.
Levy Wealth Management Group will operate as the Levy-Clatterbuck-Robostello Team at Wealth Enhancement Group. David Selig of Advice Dynamics Partners, LLC, served as its M&A advisor.
The deal is just the latest in another busy year for WEG. Most recently, 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 $85 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.
