Wealth Enhancement Group, a Minneapolis-based registered investment advisor, has acquired M&R Capital Management, a Summit, NJ-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 customer service staff members.
“By joining forces with Wealth Enhancement Group, we are able to enhance our services, expand our resources and continue to offer personalized financial strategies,” Maloney said in a statement. “Our customers will benefit from the added scale and solutions while maintaining the high level of care and attention they have 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 acquired FinTrust Capital Advisors, a hybrid RIA in Greenville, SC, for more than $2.39 billion. In September, RIA added Levy Wealth Management Groupa Philadelphia-based hybrid RIA with more than $1.3 billion. In July, WEG bought Rock House Financiala $272 million independent RIA, Peak Financial Servicesa $123 million hybrid RIA in Northborough, Mass., and Starfox Financial Servicesan RIA with more than $254 million in assets in The Woodlands, Texas.
Dekko shared his company's approach on staffing models, strategic decision-making and the importance of organic growth in the financial advisory industry on the RIA Edge podcast in June. Additionally, Doug Huber, vice president of investment strategy at Wealth Enhancement Group, discussed the firm's private market strategies amid the continued evolution of alternative investments in WealthManagement Invest Podcast.
Among the most active RIA acquirers in recent 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 selling a majority stake to Lightyear Capital in 2015. TA Associates acquired Lightyear Capital's investment in 2019 when the firm oversaw approximately $12 billion. Onex Partners took ownership in 2021, just as the firm approached $40 billion in AUM.