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December 10, 2021

Wealth Enhancement takes over $674m hybrid RIA Vivid Financial

By Verdict Staff

Wealth Enhancement Group has acquired California-based $674m hybrid registered investment adviser (RIA) Vivid Financial Management, further advancing its consolidation strategy.

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GlobalData’s ‘Asia-Pacific Wealth Management: Market Sizing and Opportunities to 2026’ report provides a comprehensive overview of the Asia-Pacific (APAC) wealth management market.
  • The report analyzes the APAC wealth and retail savings and investments markets. This includes affluent market size, both by number of individuals and the value of their liquid assets.
  • The affluent population grew by 5.3% in 2021 and is expected to grow at an AAGR of 4.8% between 2022 and 2026.
  • The value of liquid assets held by the affluent segment surged by 8.4% in 2021, backed by economic recovery. HNW individuals’ financial wealth grew by 12%, while mass affluent individuals’ wealth grew by 6.0%.
  • The report provides an analysis of factors driving liquid asset growth. It is also split into asset classes - equities, mutual funds, deposits, and bonds.
  • The affluent population are more risk-tolerant and invest a significant proportion of their investments in risky assets such as equities, compared to emerging affluent and mass market individuals.
The report also provides data and insights on the size of offshore holding of HNW investors in the APAC region.
by GlobalData
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The transaction is expected to close on 31 December 2021.

The deal, whose financial terms were not disclosed, marks Wealth Enhancement’s 16th acquisition this year and takes its total client assets to $55.02bn.

Founded in 2015, Vivid Financial provides financial planning services, asset management, tax services, estate planning and insurance planning.

The firm caters to a diverse range of clients including multigenerational families, entrepreneurs, executives as well as clients in various industries such as dentists, physicians, educators, engineers and farmers.

It also offers qualified retirement plan support for small business owners.

With the addition of Vivid Financial’s three locations in Orcutt, Lompoc and Arroyo Grande, Wealth Enhancement will now have seven offices in California.

Wealth Enhancement Group CEO Jeff Dekko said: “Vivid Financial’s outstanding professionals have built a stellar track record of financial-planning-centred client service that has established their bona fides as a high-quality advisory practice.

“The opportunities to grow and provide outstanding advice to clients is unlimited for them as they leverage Wealth Enhancement Group’s technology, experience and resources to hone their capabilities and grow their business.”

Following the closure of the deal, Vivid Financial co-founders Julie Darrah, Brad Boulton, and Tim Miller will join Wealth Enhancement as senior vice-presidents.

Commenting on the deal, Darrah said: “Through the years, our practice has always been guided by our client centric values – our mission is to provide our clients with clarity in their financial plans and confidence to navigate the changes that life will bring in the future.

“That core purpose will only be enhanced as we enter the next phase of our business development, as part of the exceptional team that Jeff and Jim have built at Wealth Enhancement Group.”

In September, Wealth Enhancement purchased Walnut Creek Wealth Management, another California-headquartered hybrid RIA.

Free Report
img

Analyze opportunies within the wealth management market in APAC

GlobalData’s ‘Asia-Pacific Wealth Management: Market Sizing and Opportunities to 2026’ report provides a comprehensive overview of the Asia-Pacific (APAC) wealth management market.
  • The report analyzes the APAC wealth and retail savings and investments markets. This includes affluent market size, both by number of individuals and the value of their liquid assets.
  • The affluent population grew by 5.3% in 2021 and is expected to grow at an AAGR of 4.8% between 2022 and 2026.
  • The value of liquid assets held by the affluent segment surged by 8.4% in 2021, backed by economic recovery. HNW individuals’ financial wealth grew by 12%, while mass affluent individuals’ wealth grew by 6.0%.
  • The report provides an analysis of factors driving liquid asset growth. It is also split into asset classes - equities, mutual funds, deposits, and bonds.
  • The affluent population are more risk-tolerant and invest a significant proportion of their investments in risky assets such as equities, compared to emerging affluent and mass market individuals.
The report also provides data and insights on the size of offshore holding of HNW investors in the APAC region.
by GlobalData
Enter your details here to receive your free Report.

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