Deals & Moves: Wealth Enhancement, Allworth Add $400M-Plus RIAs

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It was a week of $1 cardinal registered concern advisor acquisitions. 

Acquisitive firms Creative Planning, Cresset and Mercer Global Advisors each announced deals for firms with assets ranging from $1 cardinal to $1.4 billion. 

For RIAs looking to heighten their worth for aboriginal sale, whether successful the $1 cardinal scope oregon not, they whitethorn privation to see adding backstage marketplace specialisation to their practices. At slightest that’s what a fewer RIAs with alternate concern specialization told an assemblage astatine Thursday’s RIA Edge Private Markets league successful New York City.

Wealth Enhancement has acquired FPG Private Wealth, a hybrid registered concern advisor with much than $532 cardinal successful lawsuit assets and offices successful Carmel and Lafayette, Ind. The acquisition, which closed connected Nov. 30, brings Plymouth, Minn.-based Wealth Enhancement’s full lawsuit assets to much than $127.8 billion.

The FPG Private Wealth squad was formerly affiliated with genitor institution Financial Partners Group and is led by Andrew Moulton, elder vice president; Timothy Johnston, elder vice president; and Don Penn, fiscal advisor.

“We’re thrilled to deepen our Midwest roots done this partnership,” said Jeff Dekko, Wealth Enhancement CEO, successful a statement. “The FPG Private Wealth leaders bring much than 65 years of combined manufacture experience, and we’re excited to invited them to our organization.”

FPG Private Wealth offers wealthiness absorption and lending services, specialising successful serving concern owners.

The acquisition creates Wealth Enhancement’s archetypal bureau successful the greater Indianapolis market. The RIA is owned by a radical of backstage equity firms, led by TA Associates and Onex Corporation, arsenic good arsenic its employees.

Allworth Financial adds to AUM of $31 cardinal with the acquisition of FSA Wealth Management, a Needham, Mass.-based fiduciary advisory steadfast with $460 cardinal successful AUM.

The woody brings Folson, Calif.-based Allworth six professionals, including 5 fiscal advisors and managing partners Gavin Morrissey and Simon Heslop, which expands its beingness successful the Greater Boston area.

According to an announcement, the acquisition supports Allworth’s strategy of moving up-market by expanding advisory capabilities successful regions wherever clients necessitate blase fiscal planning. FSA’s squad volition relocate to Allworth’s existing bureau successful Waltham, Mass.

The transaction follows Allworth’s October acquisition of Shorepoint Capital successful Norwood, Mass.