Addition of The Wealth Enhancement Group (TWEG) Supports Firm's Ongoing Expansion and Commitment to Serving the Southeastern United States
MINNEAPOLIS, Oct. 7, 2021 /PRNewswire/ -- Wealth Enhancement Group, an independent wealth management firm, announced today that it will join forces with The Wealth Enhancement Group (TWEG), a hybrid RIA located in Alpharetta, Ga. that oversees $376 million in total client assets. This represents Wealth Enhancement Group's 14th transaction of the year, and upon closing, the firm's total client assets are expected to reach $52.8 billion.*
Founded in 1997 by President Michael Ross, TWEG specializes in estate, business, retirement and investment planning for high-net-worth individuals, specifically local business owners, retirees and celebrities. In addition to Mr. Ross, the team includes Investment Advisor Representative and Chief Compliance Officer Steven Petcovic and Operations Manager Risa Peterson. This transaction builds upon Wealth Enhancement Group's efforts to build a significant presence in the Southeast, following its recent partnership announcement with Carroll Financial Associates and expansion into the Carolinas.
Jeff Dekko, Chief Executive Officer of Wealth Enhancement Group, said, "Michael, Steven and Risa have built an incredible, growth-oriented firm in the Atlanta area through their tireless commitment to exceptional client service, and we are pleased to welcome them to our team. Our centralized service model will help them realize even greater efficiencies in their back office operations, along with enhanced growth through our wealth management and financial planning offerings. This partnership will bring us even greater scale to serve clients in the southeast as we continue toward our goal of establishing Wealth Enhancement Group as a premier national wealth management and financial planning brand."
Jim Cahn, Wealth Enhancement Group's Chief Investments & Business Development Officer, said, "We have worked hard to build a reputation as the partner of choice for successful RIAs that want to take their capabilities and growth potential to the next level. We are thrilled that TWEG chose to join the Wealth Enhancement Group platform, and we look forward to working in partnership to drive years of shared success."
Upon closing of the transaction, Michael Ross and Steven Petcovic will serve as Senior Vice Presidents, Financial Advisors at Wealth Enhancement Group and Risa Peterson will serve as Senior Client Service Manager. As part of the transaction, the practice will be moving its brokerage assets to LPL Financial.
Michael Ross said, "My team and I have built our firm on a commitment to providing independent and objective, high-quality, financial planning services to our clients. As we conducted our diligence on potential partners that were best suited to help with not only our current growth needs, but for our future growth needs as well, Wealth Enhancement Group was the clear winner, quickly rising to the top above all other candidates. They not only shared our name, but also our commitment to superior client service and holistic financial planning. As our industry evolves, our goal is to be at the forefront offering the best available services to our valued clients and enriching their experience. We believe that Jeff, Jim and the entire Wealth Enhancement Group team will enable us to continue to deliver on this mission as we reach new and exciting heights."
The transaction is expected to close by November 1. Financial terms were not disclosed.
About Wealth Enhancement Group
Wealth Enhancement Group is a Greater Minneapolis-based independent wealth management firm offering comprehensive and customized financial planning and investment management services. Founded in 1997, Wealth Enhancement Group serves clients nationwide. Wealth Enhancement Group specializes in providing retail clients with the team-based knowledge and resources they need to simplify their financial life. For more information, please visit www.wealthenhancement.com.
Advisory services offered through Wealth Enhancement Advisory Services, LLC (WEAS), a registered investment advisor. Certain, but not all, investment advisor representatives (IARs) of WEAS are also registered representatives of and offer securities through LPL Financial, Member FINRA/SIPC. Wealth Enhancement Group and Wealth Enhancement Advisory Services are separate entities from LPL Financial. Wealth Enhancement Group is a registered trademark of Wealth Enhancement Group, LLC.
* Wealth Enhancement Group and its Registered Investment Advisor, Wealth Enhancement Advisory Services, had $40.5 billion in client brokerage and advisory assets as of 8/31/2021. TWEG had $376 million in assets as of 7/30/2021. With the addition of previously announced acquisitions that are expected to close in October and November and the acquisition of TWEG, Wealth Enhancement Group will have $52.8 billion in client brokerage, advisory and trust assets as of November 2021.
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SOURCE Wealth Enhancement Group