Wealth Enhancement said Friday it is buying XO Wealth Management, an independent RIA in Dallas that includes a team of three financial advisors and three support members overseeing more than $516 million in client assets as of Sept. 29.
The addition of XO gives Wealth Enhancement its 11th location in Texas and increases the total client assets of the firm and its RIA, Wealth Enhancement Advisory Services, to over $107.5 billion, including $4 billion of brokerage assets held at LPL Financial as of Feb. 28, Wealth Enhancement said. The firm has 146 offices across the U.S.
XO will operate as the XO Team and the Skyline Team at Wealth Enhancement.
XO is led by Matthew Fuller, Founder and Managing Director; Stephen Valelly, Managing Director; and Carl Carlos, First Vice President. It provides financial planning, wealth preservation and risk management.
“We are excited to team with Wealth Enhancement, a nationally recognized firm in the industry,” said Fuller. “Joining forces allows us access to resources that will enable us to expand the capabilities we can offer to our clients.”
XO’s team specializes in working with high net worth and ultra-high net worth clients, entrepreneurs and business owners, Wealth Enhancement said.
“Since 2016, the XO Wealth Management team has shown an unwavering commitment to helping their clients pursue their financial goals,” according to Jeff Dekko, CEO of Wealth Enhancement. “We are honored that XO Wealth Management has chosen to partner with Wealth Enhancement to further grow their practice.”
The XO team has “built an impressive practice, and we look forward to the mutual collaboration to come,” said Jim Cahn, Chief Strategy Officer at Wealth Enhancement.
“We’re excited to expand our footprint in Texas, one of the nation’s fastest growing markets,” Cahn added.
Williams Private Wealth Advisory & Consulting advised XO in the deal.
Jeff Berman, Contributing Editor and Reporter at Wealth Solutions Report, can be reached at jeff.berman@wealthsolutionsreport.com.
