The latest mergers, acquisitions and other corporate actions in the wealth management sector.

Wealth Enhancement Group, a US wealth manager headquartered in Plymouth, Minnesota, is joining forces with Marcum Wealth, an RIA headquartered in Cleveland, Ohio. 

Marcum’s $4.3 billion of client assets will be added to the $107.5 billion of assets that Wealth Enhancement currently manages. The transaction is expected to be completed in May.

Eric Wulff is Marcum’s CEO; Jeff Dekko is CEO of Wealth Enhancement.

In addition to its Cleveland HQ, Marcum – founded in 2006 – has 10 additional office locations spanning the Midwest, Mid-Atlantic, New England, and Southeast regions.

Berkshire Global Advisors served as exclusive financial advisor to Marcum Wealth on the transaction.

Wealth Enhancement’s capabilities include risk management and insurance, financial planning, tax strategy, investment management, retirement income planning and estate planning. It also provides solutions around employee retirement account management, trust services, tax preparation and business owners consulting.

In February last year, Wealth Enhancement brought Capstone Wealth Advisors, with offices spanning the Pacific Northwest, under its umbrella. In 2023, Wealth Enhancement acquired KCS Wealth Advisory, an independent RIA based in Los Angeles.

M&A activity has continued to be busy in North America, with deals in 2024 such as the UAE-backed purchase of CI Financial, and Bain Capital’s acquisition of Envestnet, among the standouts. 

Total announced deals rose by 14 per cent last year to 366, according to figures from ECHELON Partners, the US investment bank that advises on wealth deals. The busiest quarter of 2024 was the fourth, with 125 deals, up from 95 a year earlier.

Source: ECHELON Partners