RIA aggregator Wealth Enhancement Group has purchased Connecticut-based RIA Reby Advisors, which oversees about $727m in client assets.
Financial terms of the deal, which is Wealth Enhancement Group’s first in 2021, were not disclosed.
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The transaction boosts Wealth Enhancement Group’s total client assets to $27.2bn. It is expected to increase the firm’s locations in the New York metro region to eight.
Established by CEO Robert Reby in 1989, Reby Advisors offers investment, retirement, tax, education and legacy planning services to small business owners, pre-retirees and retirees through its six advisers.
The firm also provides advice on income generation and Social Security and Medicare strategies.
Wealth Enhancement Group CEO Jeff Dekko said: “As we expand our geographic footprint in markets around the country, including the New York metro area — encompassing the city itself as well as the New Jersey, New York and Connecticut suburbs — we aim to make strategic investments in high-quality advisory firms whose entrepreneurial spirit and desire for constant improvement aligns with our own.
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By GlobalDataHe added: “Bob and his team meet these criteria, and we look forward to helping them accelerate their growth on our platform.”
Commenting on the deal, Reby said: “When we entered the process of identifying a strategic partner to help propel the next stage of our growth, Wealth Enhancement Group quickly rose to the top as the best overall fit for our culture and the needs of our firm – from its industry-leading technology offerings to its expertise in driving economies of scale and top-line growth.
“Most importantly, Wealth Enhancement Group shares our commitment to providing our clients a high-quality service experience while helping them work towards their long-term objectives. Wealth Enhancement Group’s story is one of consistent success, and we are thrilled to partner with them as we start our next chapter.”
Upon deal completion in Q1, the acquired entity will operate as the Reby Advisory Teams of Wealth Enhancement Group.
Recent deals by Wealth Enhancement Group
Greater Minneapolis-based Wealth Enhancement Group has been focusing on expanding its presence in key regions across the US through M&A activities.
Last month, the company agreed to buy Wisconsin-based $320m hybrid RIA Financial Wealth Management and SVA Financial Group in separate deals.
Last October, Wealth Enhancement Group acquired New York-based independent RIA 10-15 Associates for an unknown sum.
It followed the company’s purchase of Georgia-based RIA JOYN Advisors, and New York-based hybrid RIA CJM Wealth Management, which took place earlier that year.
