Alpha Cubed Investments (ACI) has acquired Arizona-based Empowerment Financial Group (EFG) for an undisclosed amount.
Founded in 2009, EFG provides financial planning and portfolio management to high-net-worth (HNW) individuals, families, trusts, and retirement plans primarily in Arizona.
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The acquisition adds approximately $160m of assets under management (AUM) to ACI.
As part of the deal, the entire team of EFG will become part of ACI.
Commenting on the deal, EFG CEO Mark Langerman said: “EFG has been working closely with the ACI team for years, and we are excited to move forward as one team with professionals we know and respect. We are eager to begin utilising the combined resources of both firms to better serve our clients.”
ACI CEO and chief technical analyst Todd Walsh said: “We have worked with Mark and his Client Services Advisor, Doni Langston, for years and are very excited to formalize our relationship with them. A company is only as good as the people that work there, and Mark and Doni are two of the best professionals in the business.”
Recent deals in the RIA space
Earlier this month, Wealth Enhancement Group bought California-based $674m hybrid RIA Vivid Financial Management, further advancing its consolidation strategy.
This deal followed Wealth Enhancement’s takeover of Walnut Creek Wealth Management, another California-headquartered hybrid RIA.
Last month, US-based independent investment adviser Wealthspire Advisors signed a deal to buy California-based fiduciary wealth management Private Ocean.
The same month, CI Financial, the Canadian wealth manager who has been on an acquisition spree in the US RIA space of late, made its third RIA acquisition in Chicago with the purchase of Gofen and Glossberg.
