The transaction is scheduled to conclude in the fourth quarter and will mark an exit for Summit Partners. Credit: Mameraman/ Shutterstock.com.

Wealth Enhancement has agreed to purchase wealth management firm RWA, encompassing both its Family Office and Private Wealth units.

Financial terms of the deal were not disclosed.

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Based in Boston, Massachusetts, RWA is directed by chief executive and chief economist Michelle Knight.

Alongside its main base, the organisation maintains five branch locations situated across California, Illinois, Michigan, and Massachusetts.

The firm’s Family Office arm will be incorporated into Reserve, a Wealth Enhancement division catering to multigenerational families and ultra-high-net-worth individuals with at least $25m in investable capital.

Following the completion of the acquisition, the Family Office division will remain under the leadership of Knight, JP Powers, Nicole LaChapelle, and Kristin Fazio.

In 2020, Summit Partners invested in Adviser Investments, which later merged with Ropes Wealth Advisors in 2023 and rebranded as RWA Wealth Partners.

RWA’s Private Wealth arm provides high-net-worth clients with personalised investment portfolios alongside financial, estate, and tax planning.

The transaction is scheduled to conclude in the fourth quarter and will mark an exit for Summit Partners.

Wealth Enhancement CEO Jeff Dekko said: “One of the core founding principles of Wealth Enhancement was to provide complex financial planning to high-net-worth and ultra-high-net-worth clients. RWA’s capabilities will strengthen how we meet those needs. Its established family office capabilities add depth to how we serve ultra-high-net-worth clients with deep specialization in trusts and estates, tax-aware planning, and the seamless coordination required to turn advice into action.”

Knight said: “Joining forces with Wealth Enhancement gives our teams access to the scale, resources, and breadth of a large national firm while allowing us to continue delivering the highly personalised, authentic advice our clients expect.”