Minneapolis-based Wealth Enhancement Group, an acquirer RIA with over $82 billion in client assets, has acquired The Retirement Group, a San Diego-based hybrid RIA with over $809 million in assets. The deal is WEG's fourth transaction of 2024 and its 18th location in California.
The Pension Group, founded in 1993, consists of 11 advisors and is led by CEO John Jastremski. The firm helps individuals and businesses in retirement and was previously affiliated with Osaic.
“After interviewing 20 large, nationally known firms, we felt that our vision to provide leading services to corporate retirees and small business owners could only be fulfilled by joining the Wealth Enhancement Group,” said Jastremski. in a statement. “By joining Wealth Enhancement Group, we will be able to offer a robust range of client services, including comprehensive wealth management, in-house tax preparation, trust services, estate planning, probate, insurance and more more.”
Among the most active RIA acquirers in recent years, WEG completed 18 deals last year, 14 in 2022 and 16 in 2021.
Founded in 1997, WEG has grown assets from about $4 billion to more than $82 billion since it sold a majority stake to Lightyear Capital in 2015. When TA Associates bought Lightyear Capital's investment in 2019, the firm oversaw about $12 billion dollars.
At the time Onex Partners took ownership in 2021, WEG was managing approximately $40 billion.
Earlier this year, WEG closed the deal to buy Brand Financial Advisoris in Bowling Green, Ken., with $543 million in assets, Piermont Wealth Managementa New York firm with more than $220 million, and Lynch Retirement Groupa Maryland firm with more than $502 million in AUM.