Minneapolis-based Wealth Enhancement Group, the registered investment advisor with more than $81.5 billion in client assets, acquired 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 office in Texas.
RIA was founded in 1997 by Chairman and CEO Richard J. Alphonso and has built a niche-based practice serving oral surgeons, physicians, attorneys, business owners and family office clients.
“After a 32-year career in the profession, this is the opportunity of a lifetime to continue providing wealth management services to the next generation,” Alphonso said in a statement. “This partnership will allow us to improve our customer experience, change responsibilities that do not contribute to the overall customer experience, and provide professional opportunities for the next generation of professionals serving our customers.”
This agreement follows WEG's the acquisition earlier this month of The Retirement Groupa hybrid RIA headquartered in San Diego, with over $809 million in assets.
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 from $4 billion in AUM to more than $81.5 billion since selling a majority stake to Lightyear Capital in 2015. TA Associates bought Lightyear Capital's investment in 2019 when the firm oversaw about $12 billion . Onex Partners took ownership in 2021, just as the firm approached $40 billion in AUM.