MINNEAPOLIS, March 2, 2021 /PRNewswire/ -- Wealth Enhancement Group, an independent wealth management firm, today announced that it has acquired North American Management (NAM), an independent registered investment adviser (RIA) based in Boston that has $1.75 billion in total client assets. Upon closing of the transaction, Wealth Enhancement Group's total client assets are expected to approach $30 billion.*
Since its founding in 1928, NAM has developed an enduring and respected practice focused on providing planning-oriented wealth management, trust services and a broad range of investment offerings, including individual security portfolios, to ultra-high-net-worth individuals, families, endowments/foundations, and business owners nationwide. With its experience in multi-generational advisory services, the firm has built long-lasting relationships with its clients, some spanning as many as four generations.
The acquisition will bring a close-knit team of 20 individuals, including nine financial advisors, to Wealth Enhancement Group, building upon the firm's long-term strategy of developing significant scale in the Northeast U.S. and other key markets across the country. The transaction also further solidifies the firm's position as a leading national wealth management and financial planning brand.
Jeff Dekko, Chief Executive Officer of Wealth Enhancement Group, said, "We are thrilled to bring North American Management, with its long and notable tradition of client service, to our platform. NAM's success in building multi-generational client relationships is a model for our team, and will further expand Wealth Enhancement Group's ultra-high-net-worth and trust services capabilities, among many other benefits. We look forward to working with NAM's professionals to further deepen our presence in the strategically critical Northeast region, and to helping them accelerate their growth by leveraging our centralized marketing and technology platforms."
North American Management Chairman and CEO Robert Scott said, "As a firm with a long tradition of building and sustaining multi-generational client relationships, the needs of the individuals, families and institutions who entrust us with their financial future have always been paramount in our decision-making processes. Our goal in identifying a new strategic partner was not simply to join a larger platform, but to find a home for our clients that will last for decades to come as we work to guide them toward their financial goals. Jeff Dekko and his team understand this client-first mentality, and we look forward to the continued evolution of our client services and our growth as part of Wealth Enhancement Group."
Jim Cahn, Chief Investments and Business Development Officer of Wealth Enhancement Group, said, "With their long-standing history and deep client relationships, NAM will add tremendous capabilities and talent to our presence in the Northeast. Both firms will help each other grow and seek to deliver great outcomes for clients."
Financial terms of the transaction were not disclosed. North American Management Corp. was represented by Park Sutton Advisors. The transaction is expected to close in April, after which the practice will do business as the North American Management Team at Wealth Enhancement Group.
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 $26.3 billion in client brokerage and advisory assets as of 1/31/2021. With expected closings on 3/1/21 of Reby Advisors ($727 million) and SVA Trust Company ($570 million), and on 4/1/21 of North American Management Corp. ($1.75 billion), Wealth Enhancement Group plans to have $29.4 billion in client brokerage, advisory and trust assets as of 4/1/21.
SOURCE Wealth Enhancement Group