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Deals Of The Day: The Latest In Wealth Management M&A - Wealth Enhancement Group, Advisor Group
The latest wealth management mergers and acquisition deals in North America.
Wealth Enhancement Group, a Greater Minneapolis-based firm, has acquired Fitzgerald Wealth Management, overseeing $513 million in client money.
Fitzgerald - located in Houston - will boost Wealth Enhancement Group's total client assets which have reached $37.7 billion. The transaction is WEG's eighth acquisition in 2021. Since June 1, the firm has added 35 advisors and more than $5.9 billion in assets to its platform via acquisitions.
Terms of the transaction were not disclosed.
Fitzgerald was founded in 2011 by Michael Fitzgerald, senior vice president. He and colleagues Rachel Garza and Derek Platt concentrate on serving high net worth retirees and pre-retirees. Their clients include senior management and executives of prominent Houston-area public companies, small business owners and legal, consulting and medical professionals. The majority of their clients reside in the Houston, Dallas, Austin and San Antonio markets.
As part of the transaction, the Fitzgerald group has also affiliated with LPL Financial for the brokerage-based portion of its book of business.
Advisor Group
Advisor Group
has recruited Precision Wealth Solutions to join its network. The
firm, which has $121 million in client money, is based in
Scarsdale, New York and has two financial professionals.
Precision Wealth is affiliating with Advisor Group's network member firm Royal Alliance Associates through Affiliated Advisors, a large regional group that supervises 89 financial professionals across the US. Affiliated Advisors' financial professionals collectively oversee over $3 billion in assets. Advisor Group also includes FSC Securities, Securities America, SagePoint Financial, Triad Advisors and Woodbury Financial Services.
Founded in 2009 and led by President Frank Chiodi, a 22-year veteran of the wealth management space, Precision Wealth also includes Russell Pinto, a financial professional with 12 years' experience in the industry. The practice specializes in financial planning and retirement planning services for police and firefighter clients.
