Giant wealth management acquirer Wealth Enhancement Group has purchased M&R Capital Management, an independent RIA firm in Summit, N.J., which oversees $536 million in client assets. The acquisition brings the Wealth Enhancement Group’s total assets to more than $96 billion. 

M&R also brings along three financial advisors and three support staff led by John Maloney, the firm’s chairman and chief executive officer. This is the Plymouth, Minn.-based Wealth Enhancement Group’s sixth location in the Garden State.

“John and his team are an excellent addition to our firm,” said Jeff Dekko, chief executive officer of the Wealth Enhancement Group, in a release. “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.”

M&R, which was founded in 1993, offers clients investment management, separate account management, and retirement planning, according to the firm. The team has worked with high-net-worth individuals, pilots, business owners and non-profit organizations, the firm said.

In a statement, Maloney praised the acquisition, calling it a new chapter in the life of the firm, and promised positive changes for its clients.  

“By joining forces with Wealth Enhancement Group, we’re able to enhance our services, expand our resources, and continue to provide personalized financial strategies,” he said in a release. “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.”

This is the Wealth Enhancement Group’s 15th transaction closing this year. Park Sutton Advisors was the financial advisor on the deal.

“Joining forces with M&R Capital Management will bolster our presence in New Jersey, allowing us to serve more individuals in the Tristate Area and beyond,” said Jim Cahn, chief strategy officer of Wealth Enhancement Group, in a release. “We look forward to the deep experience and sophistication the team will bring to Wealth Enhancement Group.”