Wealth Enhancement Group, a hybrid RIA located in Alpharetta, Ga., is joining the Wealth Enhancement Group, an independent wealth management firm based in Minneapolis, the firms announced Thursday. The two previously unaffiliated firms, coincidentally, have the same name.
The Georgia firm oversees $376 million in total client assets. This represents the Minneapolis-based Wealth Enhancement Group’s 14th transaction of the year, and, upon closing, its total client assets are expected to reach $52.8 billion.
Founded in 1997 by president Michael Ross, the Georgia firm specializes in estate, business, retirement and investment planning for high-net-worth individuals, specifically local business owners, retirees and celebrities. The team includes Steven Petcovic, an investment advisor representative and the chief compliance officer, and Risa Peterson, operations manager.
The transaction builds upon Wealth Enhancement Group’s efforts to create a significant presence in the Southeast, the firm said.
Upon the close of the deal, Ross and Petcovic will serve as senior vice presidents and financial advisors, and Peterson will serve as senior client service manager. As part of the transaction, the practice will be moving its brokerage assets to LPL Financial.