The latest merger and acquisition transactions in the North American wealth management sector.

The Colony Group
The US wealth management firm, The Colony Group, has agreed to buy California-based Legacy Wealth Partners.

As a result of the agreement Colony, with more than $13 billion in assets under management as at April 30, will have 17 offices across the US and more than 275 team members when the transaction closes. The deal is expected to close later in 2021, subject to customary closing conditions.

“We had been looking for a wealth management team to complement our growing multifamily office and business management team in southern California,” Michael Nathanson, chair and CEO of The Colony Group, said.

Legacy Wealth Partners, located in Calabasas, was founded in 2001 by Brad Levin. David Tracy joined Levin in 2004 and became a partner.

Colony has offices across the US and its origins date to 1986. In July, The Colony Group merged with New Providence Asset Management, a business created as an outsourced chief investment office, based in New York, NY.     

Earlier this year, this news service interviewed Nathanson about his business strategy. See a related video interview here.

Wealth Enhancement Group
Wealth Enhancement Group, the US group, said yesterday that it intends to buy Investor Solutions, an RIA based in Miami, becoming the 10th such acquisition Wealth Enhancement Group has made this year. 

The business has six advisors, collectively overseeing $1.1 billion in client assets.

Upon acquiring the firm, Wealth Enhancement Group's total client assets are expected to exceed $40 billion, it said.

Since June 1, Wealth Enhancement Group has added 44 advisors and about $7.9 billion in assets to its platform via acquisitions.

Investor Solutions will be Wealth Enhancement Group's first location in South Florida and fourth in the state, adding to two offices in Jacksonville and one in Tampa. 

The practice, which was established in 1993 by CEO Frank Armstrong, today has a leadership team including financial advisors Richard Feldman, Robert J Gordon, and Brett Fingerhut. 

When the deal closes, Investor Solutions will do business under the Wealth Enhancement Group brand, and Armstrong will serve as senior VP, financial advisor. The transaction is expected to close in October 2021. Financial terms were not disclosed.