Wealth Enhancement Group, one of the most active RIA acquirers in 2023, today announced that it has bought the Financial Advisory Group LLC, a Houston-based independent RIA that manages more than $1.22 billion in client assets, according to a news release.
This partnership marks the fifth acquisition this year for the Minneapolis-based Wealth Enhancement Group, which now has a total of $81.5 billion in client assets. It is also the firm's third Texas location.
Founded in 1997 by Richard J. Alphonso, the Financial Advisory Group has a team of seven financial advisors and 14 support team members. The firm provides comprehensive financial advice including tax planning and preparation with traditional investment management, family office services and financial planning services, the release said, adding that its clients include oral surgeons, doctors, attorneys and business owners.
“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,” Alphonso said in a statement. “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.”
Jeff Dekko, CEO of Wealth Enhancement Group, said in the statement that the firm is pleased to add the new team, whose "dedication to delivering a high-quality client experience and customized financial services seamlessly aligns with our firm's goals.”
Wealth Enhancement Group, founded in 1997, provides tailored financial plans and investment management services to more than 61,000 households and 115 offices nationwide.