View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. News
September 22, 2021

Wealth Enhancement Group continues acquisition spree with $1bn RIA purchase

By Verdict Staff

Wealth Enhancement Group (WEG) has acquired California-headquartered hybrid RIA Walnut Creek Wealth Management.

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.

The financial terms of the transaction were not disclosed.

The acquired outfit has three financial advisors and manages around $1bn in total client assets.

Walnut Creek specialises in financial planning, wealth management and asset management for corporate executives, physicians, single, divorced and widowed women, and business owners.

In addition, the firm offers qualified retirement plan support for small- and medium-size businesses.

Walnut Creek is currently doing business as the Walnut Creek Team at Wealth Enhancement Group. As part of the transaction, the practice will transition its brokerage assets to LPL Financial.

The Walnut Creek acquisition is WEG’s 12th transaction this year. The deal increases the firm’s total client assets to more than $46bn.

It also strengthens WEG’s Northern California Practice with the addition of a fourth location.

Earlier this year, the firm acquired Pillar Pacific Capital Management, with offices in San Marino and Pacifica and Los Angeles-based Oakwood Capital Management.

Commenting on the latest deal, Wealth Enhancement Group CEO Jeff Dekko said: “The West Coast is a prime focus for us as we continue to expand our financial-planning based approach to client service, which is undergirded by the strategic investments we have made in process and technology, as well as the scale we have built on both local and national levels.”

Walnut Creek CEO and principal Bernard Smit added: “Partnering with Wealth Enhancement Group – with its comprehensive scale, resources and support – will unlock new capabilities for our practice, while also enhancing our ability to provide our clients the attentive, independent advice they have come to expect from us.”

Last month, WEG secured a new equity investment from Onex Partners V and certain Onex co-investors, including Onex Corporation.

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.

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. A weekly roundup of the latest news and analysis, sent every Wednesday. The industry's most comprehensive news and information delivered every month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Private Banker International