Wealth Enhancement Group has announced its acquisition of M&R Capital Management, an independent RIA in Summit, New Jersey, managing over $536 million in assets.
The acquisition brings Wealth Enhancement Group’s total assets under management to more than $96.6 billion and marks its sixth location in the state.
M&R Capital Management’s team of three advisors and three support staff, led by John Maloney, provides tailored financial services, including investment management, retirement planning, and separate account management.
Founded in 1993, the firm specializes in serving high-net-worth clients, business owners, non-profit organizations, and specific professional groups such as pilots.
“John and his team are an excellent addition to our firm,” Jeff Dekko, CEO of Wealth Enhancement Group said in a statement. “Through our partnership, they can access our extended suite of central services and free up more time to invest in strengthening client relationships and growing their practice.”
John Maloney, chairman and chief CEO of M&R Capital Management – who brings a 27-year record of experience as an investment advisor registered with the SEC to his role – highlighted the move's benefits for both his team and the clients they serve.
“By joining forces with Wealth Enhancement Group, we're able to enhance our services, expand our resources, and continue to provide personalized financial strategies,” he said. “Our clients will benefit from the added scale and solutions while maintaining the high level of care and attention they've come to expect from us.”
“This acquisition strengthens our presence in New Jersey and allows us to reach more individuals across the Tri-State Area and beyond,” added Jim Cahn, chief strategy officer of Wealth Enhancement Group.
The acquisition represents Wealth Enhancement Group’s 15th closed transaction of 2024. The independent wealth firm's rapid pace of dealmaking placed it among the leaders in a recent Devoe & Co. data release describing an "October surpriise" in RIA M&A activity.
"Although one shouldn’t read too much into a single month of data, the surge in October’s RIA M&A activity is a conspicuous spike following nearly three years of unremarkable activity," said David DeVoe, founder and CEO of DeVoe & Company. "It seems evident that these organizations were accelerating their activity in anticipation of the long-awaited [Federal Reserve] rate cuts."
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