Minnesota’s Wealth Enhancement Group has purchased Deer Park, New York-based hybrid RIA CJM Wealth Management for an undisclosed sum.
The deal brings over $440m in client assets to Wealth Enhancement Group.
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It also offers the RIA aggregator a third location in New York and its 33rd office across the US.
The takeover provides Wealth Enhancement Group its fifth office in the Tri-State area, covering the New York City area and portions of Connecticut, northern New Jersey and Long Island.
Wealth Enhancement Group CEO Jeff Dekko said: “CJM Wealth Management’s client-centred team approach and robust financial planning skills are perfectly aligned with the culture we have built at Wealth Enhancement Group, and we are thrilled to bring them on board as we bolster our presence in the New York metro area.”
Set up in 2003, CJM offers wealth management for individuals and families along with 401(k) plan management. The firm specialises in working with physicians.
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By GlobalDataThe firm’s employee headcount is six. This includes two financial advisers, CEO and founder Charles Massimo and managing director Peter Anastasian.
Massimo noted: “Based on their track record of providing value to clients, strong operating platform and history of growth, we decided that joining them under the Wealth Enhancement Group umbrella was the best strategic decision for us and our clients.”
Other acquisitions by Wealth Enhancement Group
Established in 1997, Wealth Enhancement Group currently manages more than $19bn in assets.
Earlier this year, the firm acquired JOYN Advisors, an Atlanta, Georgia-based RIA.
In 2019, Wealth Enhancement Group acquired Summit Planning Group, Wiley Group, Planning Solutions Group, AEPG Wealth Strategies, RCL Advisors, and BPU Investment Management.
Last year, Wealth Enhancement Group also found a new private equity backer.
In July 2019, TA Associates agreed to buy a majority stake in the RIA aggregator from Lightyear Capital.
