US-based independent wealth management firm Wealth Enhancement Group has acquired registered investment adviser (RIA) M&R Capital Management.
Headquartered in Summit, New Jersey, M&R Capital Management is a team of three financial advisors and three support staff. The company supervises more than $536m in client assets.
The RIA, which was founded in 1993, serves a range of high-net-worth individuals, pilots, business owners, and non-profit organisations.
It offers tailored financial services solutions that include investment management, separate account management, and retirement planning. The firm is led by chairman and CEO John Maloney.
Maloney said: “This acquisition represents an exciting new chapter for our firm and our clients. By joining forces with Wealth Enhancement Group, we’re able to enhance our services, expand our resources, and continue to provide personalised financial strategies.
“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.”
Established in 1997, Wealth Enhancement Group offers comprehensive wealth management services through its team-based Roundtable and UniFi processes, which support over 67,000 households across 118 offices in the US.
The independent wealth management firm has over $96.6bn in assets under management.
Wealth Enhancement Group said that this acquisition is its fifteenth transaction of this year as it continues to expand its national footprint.
Wealth Enhancement Group CEO Jeff Dekko said: “John and his team are an excellent addition to our firm. We are pleased that they’ve chosen to join Wealth Enhancement Group.
“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.”
For the deal, Park Sutton Advisors, a Waller Helms Company, acted as the financial adviser to M&R Capital Management.
