Wealth Enhancement Group Adds $1.22 Billion RIA

The Financial Advisory Group Is WEG’s Fifth Acquisition So Far This Year.
Richard J. Alphonso, CEO and Chairman, The Financial Advisory Group, and Jeff Dekko, CEO, Wealth Enhancement Group
Richard J. Alphonso, CEO and Chairman, The Financial Advisory Group, and Jeff Dekko, CEO, Wealth Enhancement Group
Jeff Berman, Contributing Editor & Reporter, Wealth Solutions Report
Jeff Berman, Contributing Editor & Reporter, Wealth Solutions Report

Wealth Enhancement Group (WEG) said Wednesday it is buying The Financial Advisory Group, an independent RIA in Houston, Texas, that includes a team of seven financial advisors and 14 support team members managing more than $1.22 billion in client assets.

The addition of The Financial Advisory Group represents WEG’s fifth acquisition so far this year and is its third location in Texas.

The transaction is expected to close on Friday. Financial terms of the deal weren’t disclosed.

WEG and its RIA, Wealth Enhancement Advisory Services, had $80.3 billion in client assets, including $4 billion of brokerage assets held at LPL Financial, as of April 30, WEG said.

Including The Financial Advisory Group and previously announced acquisitions, WEG will have more than $81.5 billion in client, advisory, trust and brokerage assets.

The Financial Advisory Group’s “dedication to delivering a high-quality client experience and customized financial services aligns with our firm’s goals,” said Jeff Dekko, WEG CEO.

“After a 32-year career in this profession, this is the opportunity of a lifetime to continue delivering wealth management services to the next generation,” according to Richard J. Alphonso, CEO and Chairman of The Financial Advisory Group.

Jim Cahn, Chief Strategy Officer, Wealth Enhancement Group
Jim Cahn, Chief Strategy Officer, Wealth Enhancement Group

“This partnership will allow us to enhance our clients’ experience, shift responsibilities that don’t contribute to the overall client experience, and provide professional opportunities to the next generation of professionals who serve our clients,” said Alphonso, whose firm was founded by him in 1997.

The Financial Advisory Group “provides comprehensive financial advice to their clients by adding tax planning and preparation with traditional investment management, family office services, and financial planning services,” according to the press release.

The firm also has, over the years, “established deep experience working with specific niches” of clients that include attorneys, business owners, doctors and oral surgeons, according to the release.

Welcoming The Financial Advisory Group to WEG, Jim Cahn, Chief Strategy Officer of WEG, said: “Their dedication to providing comprehensive financial planning services has established them as a trusted partner to their clients, and we are excited to work with them for years to come.”

WEG provides tailored financial plans and investment management services to serve the needs of more than 61,000 households from its 115 U.S. offices.

Last year, WEG’s acquisitions included Legacy Financial Planning, which oversaw about $371 million in client assets, including $87 million of brokerage assets.

Jeff Berman, Contributing Editor & Reporter at Wealth Solutions Report, can be reached at jberman@wealthsolutionsreport.com.

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