Wealth Enhancement Group has brokered a deal to purchase Miami-based independent RIA practice Investor Solutions for an unknown sum.
The transaction is expected to close in October this year.
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Founded in 1993 by Frank Armstrong, Investor Solutions provides wealth management for individuals and families and advisory services for retirement plans, endowments, and non-profit organisations.
It has six financial advisors that collectively manage $1.1bn in total client assets.
Investor Solutions will be Wealth Enhancement’s first location in South Florida and fourth in the Sunshine State.
The acquisition is expected to take Wealth Enhancement’s total client assets to over $40bn and adds to two offices in Jacksonville and one in Tampa.
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By GlobalDataAfter the deal closure, Investor Solutions will operate under the Wealth Enhancement Group brand. Armstrong will serve as Financial Advisor senior vice president at the firm.
Armstrong said: “We had a wide range of choices as to which wealth management firm to partner with in order to facilitate Investor Solutions’ next stage of growth, but Wealth Enhancement Group made our decision an easy one thanks to the technology, expertise and other support that Jeff Dekko, Jim Cahn and the entire organisation bring to the table.
“We look forward to decades of continued growth and development of our ability to serve our clients with financial planning-based services as part of the Wealth Enhancement Group team.”
The new deal is Wealth Enhancement’s 10th acquisition this year. In the last two months, the firm signed a number of deals, adding 44 advisers and approximately $7.9 bn in assets to its platform.
These include the takeover of Maryland-based hybrid RIA Serafini Financial Group earlier this month as well as the Oakwood Capital Management acquisition, which was finalised last month.
Commenting on the latest deal, Wealth Enhancement Group CEO Jeff Dekko said: “Wealth Enhancement Group has long considered South Florida to be a crucial market for expansion as we strive to build scale and a strong client service presence in key regions of the country.
“In Frank Armstrong and the Investor Solutions team, we have found a strong partner that possesses the ideal combination of characteristics: A nearly 30-year track record of client success and a deep desire to continue growing and developing their capabilities.”
