Minneapolis-based Wealth Enhancement Group surpassed $79 billion in assets in the first quarter of the year after closing two deals.
On Thursday, the active buyer announced it acquired Piermont Wealth Management, an independent registered investment advisory firm that manages about $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 retirement.
Led by founder and CEO Philip Capell, a CFP with a law degree who serves as sole counsel, the 24-year-old firm is based in Melville, NY, with an additional office location in Boca Raton, Fla.
“We plan to leverage Wealth Enhancement Group's strong investment research and management team, a broad range of financial planning services and experienced back office support staff,” Capell said in a statement.
Founded in 1997, WEG has grown assets from about $4 billion to nearly $80 billion since selling a majority stake to Lightyear Capital in 2015.
WEG was overseeing about $12 billion at the time TA Associates bought Lightyear's investment in 2019. When Onex Partners came on board as majority owner in 2021, the firm was managing approximately $40 billion.
After completing 18 acquisitions in 2023, Wealth Enhancement Group is on track to reach $100 billion in the next two years, according to Chief Investment and Business Development Jim Cahn.
“We don't 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 the flows we would be at $100 billion in three to four years.”
Earlier this year, WEG locked in an agreement to buy Landmark Financial Advisors in Bowling Green, Ken., with $543 million in assets.