Minneapolis-based Wealth Enhancement Group announced today that it has acquired Oakwood Capital Management, a Los Angeles-based RIA. The acquisition brings to Wealth Enhancement Group another $1.04 billion in AUM, raising its total client assets above $37 billion, according to the announcement.
Oakwood was founded in 1998 by Bruce Mandel, who has served as president and CEO of the firm. It currently has five financial advisors and 14 employees total. The firm specializes in wealth management, asset management, investment management and financial planning for high-net-worth professionals, retirees and younger tech-savvy clients who live predominantly on the West Coast.
“Bruce Mandel and his team at Oakwood Capital Management have built an excellent wealth management practice in the heart of Los Angeles that still has significant room to grow,” said Jeff Dekko, CEO of Wealth Enhancement Group, in a Thursday press release. “With our support, they will be able to streamline their operations and offer an even higher level of service than before, without compromising the personal touch their clients have come to expect. The sky is the limit for Oakwood Capital Management, and we look forward to collaborating closely for years to come.”
Upon closing, Oakwood will be known as the Oakwood Team at Wealth Enhancement Group, with Mandel becoming the team’s managing director.
“Since we started Oakwood Capital Management more than two decades ago, our mission has been to guide our clients, no matter how far along life’s journey they find themselves, in growing and preserving their wealth, with an eye towards helping them achieve their financial and life goals,” said Mandel in released comments. “From the moment we began discussions with Jeff and Jim [Cahn, Wealth Enhancement Group’s chief investments and business development officer], it was clear that [the firm] was the strategic partner we were looking for, a firm that would enable us to build upon this vision and offer our clients more value than ever before.”
The acquisition is the Wealth Enhancement Group’s second in southern California in recent months. On June 1, the firm announced the acquisition of Pillar Pacific Capital Management.