Wealth Enhancement Group, a fast-growing national independent wealth management firm headquartered in Minneapolis with $63.8 billion in assets, has acquired Equius Partners, a financial advisory firm with more than $1 billion in client assets, Wealth Enhancement Group announced Wednesday.
Equius, which is based in Novato, Calif., uses an investment strategy known as "asset-level investing," which can be defined as the absence of active management such as stock picking and market timing, according to Jeff Troutner, Equius founder. "This can be achieved through the use of traditional index funds or, preferably, through the use of structured asset class funds offered by firms like Dimensional Fund Advisor. Our proprietary version of asset class investing divides portfolio among large growth stocks and large and small value stocks in the US and non-US developed markets."
means working from the core asset class level down to individual investments, which enables asset managers to put together a more diversified portfolio, according to the firm’s website. The firm was founded by Jeff Troutner and Phil Jonckheer in 1993. Five years ago, the founders transitioned the firm to a next-generation advisor team.
“After building a strong second-gen team and successfully transitioning client relationships, the Equius founders ultimately decided that joining a larger partner would be the optimal solution for their clients and their team,” DeVoe & Company said in a statement. DeVoe & Company, a strategy and mergers and acquisition consulting company serving the RIA industry, facilitated the deal.
"As we continue to grow, we recognize the importance of scaling locally to build strong communities for our advisors. By expanding our presence in important markets such as Northern California, we are better positioned to deliver exceptional service and support to our clients while living our values and fostering a culture of teamwork,” said Jeff Dekko, CEO of Wealth Enhancement Group, in a statement.
“This partnership offers considerable advantages, short and long-term, to both parties,” David DeVoe, founder and CEO of DeVoe & Company, said in a statement. “Wealth Enhancement Group benefits from the Equius team’s deep insights in asset-class investing. Equius gains expanded resources and opportunities for the team and their clients.”
Equius will operate under the Wealth Enhancement Group name.