Consolidator Wealth Enhancement has acquired Northern California-based RIAs Napa Valley Wealth Management and TrueNote Investment Advisors for an undisclosed sum.
Led by president and chief investment officer Kelly Crane, the acquired firms will be part of Wealth Enhancement’s InConcert Napa Valley Team.
Headquartered in St. Helena, California, the firms oversee over $400m in client assets. They also have additional offices in Walnut Creek and El Cerrito.
Founded in 1992, Napa Valley provides investment management, personalised financial planning and retirement planning for individuals, families and small businesses.
It also offers investment services for nonprofits and clients going through divorces and career changes.
In 2017, Crane bought concierge wealth management service Heritage Capital Private Asset Management.
Wealth Enhancement Group CEO Jeff Dekko said: “Kelly has built an extremely successful wealth management businesses over the past 35 years.
“His integrated view of wealth management offers clients a full spectrum of comprehensive solutions, from investment management to strategic tax planning. Instead of dealing with financial silos, his clients can efficiently optimize their entire financial life under one roof.”
The acquisitions, which furthers Wealth Enhancement’s consolidation strategy, takes its total client assets to $55.1bn.
They mark the firm’s sixth deal in California since June 2021.
Wealth Enhancement Group chief investments and business development officer Jim Cahn said: “This transaction confirms the power of our value proposition for RIA businesses of all types.
“Our successful M&A growth has been driven by our emphasis on going beyond a typical ‘one-size-fits-all’ model for our partner firms. For us, independence means we provide the innovative tools, technologies and resources. From there, we empower teams like InConcert Napa Valley to run their business as they see fit.”