Wealth Enhancement Group, one of the country's leading wealth firms, is extending its presence in the Southeast US with a deal for a multibillion dollar hybrid RIA.
On Wednesday, the independent wealth firm revealed its acquisition of FinTrust Capital Advisors, a hybrid RIA headquartered in Greenville, South Carolina, adding to its hefty base of more than $94.7 billion in client assets.
FinTrust Capital Advisors manages over $2.39 billion in client assets and operates with a team of 14 advisors and 13 support staff. In addition to its Greenville base, the firm has locations in Anderson, South Carolina, and Athens, Georgia.
Jeff Dekko, chief executive officer of Wealth Enhancement Group, highlighted the strategic value of the acquisition.
“It is exciting to expand our presence in the Southeast by joining forces with FinTrust Capital Advisors. Allen and his knowledgeable team are experienced at their craft. They create customized financial solutions tailored to their clients' unique needs,” Dekko said in a statement.
Founded in 2007, FinTrust Capital Advisors specializes in financial planning, investment management, and retirement planning, catering to a range of clients including business owners and high-net-worth families.
Allen Gillespie, chief investment officer at FinTrust, emphasized the firm’s commitment to personalized service.
“Our firm was built on the premise that the best wealth management advice combines investment management guidance, advanced financial planning, and tax strategies with strong client relationships. Joining Wealth Enhancement Group allows us to strengthen that promise by tapping into their robust network of central services,” Gillespie stated.
Jim Cahn, Wealth Enhancement Group’s chief strategy officer, was quick to point out the alignment between the two firms with their "similar dedication to comprehensive wealth management and top-tier client service.”
Wealth Enhancement Group now serves over 62,000 households across the US, with a presence in 117 offices nationwide.
It's deal for Fintrust Capital comes one month after it broadened its profile in the northeastern US by scooping up Pennsylvania-based Levy Wealth Management, which catapulted it past the $90 billion mark and joined its eight other footholds in the state.
New chief executive Rich Steinmeier replaced Dan Arnold on October 1.
The global firm is navigating a crisis of confidence as an SEC and DOJ probe into its Western Asset Management business sparked a historic $37B exodus.
Beyond returns, asset managers have to elevate their relationship with digital applications and a multichannel strategy, says JD Power.
New survey finds varied levels of loyalty to advisors by generation.
Busy day for results, key data give markets concerns.
A great man died recently, but this did not make headlines. In fact, it barely even made the news. Maybe it’s because many have already mourned the departure of his greatest legacy: the 60/40 portfolio.
Discover the award-winning strategies behind Destiny Wealth Partners' client-centric approach.
