Wealth Enhancement Group, a Minneapolis-based registered investment advisor, has acquired Levy Wealth Management Group, LLC, a Philadelphia-based hybrid RIA.
Levy's team oversees more than $1.3 billion in client 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 client 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 and lasting relationships with customers.”
Levy Wealth Management Group was formed by 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 , created their own specialties in wealth. namely management and group assurance.
The firm offers comprehensive wealth management services and specializes in working with healthcare professionals, business owners and multi-generational family members who are interested in wealth management, tax planning, estate planning and holistic financial planning. .
“The comprehensive resources the firm offers will enable us to continue our mission to help clients more efficiently achieve their financial goals,” Victor Levy said in a statement. “Furthermore, we look forward to working together with a team that shares our commitment to technological innovation, investment efficiency and customer care.”
“With their mission to help clients integrate aspects of their financial lives to achieve their goals, we are confident this will be a mutually beneficial partnership,” added WEG Chief Strategy Officer Jim Cahn.
The Levy Wealth Management Group will operate as the Levy-Clatterbuck-Robostello Team in the Wealth Growth 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. Recently, 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 $85 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.