Minneapolis-based Wealth Enhancement Group has expanded its footprint in New York State with the acquisition of 10-15 Associates, a $923 million registered investment advisor based in Goshen, according to a news release.
Financial terms of the transaction, which is expected to close in the fourth quarter of this year, were not disclosed.
The acquisition brings the number of offices in New York State to six for the $20 billion RIA. The firm has two additional locations in the broader Tri-State region, encompassing the New York City area and portions of Connecticut, northern New Jersey and Long Island, the release said. Last month, it acquired CJM Wealth Management, a Deer Park, N.Y.-based hybrid RIA with $446 million in assets under management.
Founded in 1986 by Deborah DeMatteo, the president and CEO, and her husband, Michael DeMatteo, CFO and managing director, 10-15 Associates has grown to include 16 employees, including seven financial advisors, the release said. The firm, whose name, according to its website, is derived from the date of its founding, has additional offices in Fishkill and Tarrytown, N.Y.
The release noted that the firm specializes in helping families, business owners and other professionals protect and grow their assets, solve complex financial challenges and retire with confidence. It also works collaboratively with clients on matters such as wealth preservation, wealth transfer, tax mitigation and asset protection.
Deborah DeMatteo said they founded 10-15 Associates with a clear vision of always doing the right thing for their clients and making their success the highest priority. “We held to that vision in considering potential strategic partners, as well, working every step of the way to ensure that our clients would continue to enjoy the same attention and exceptional service they have come to expect from us. Wealth Enhancement Group shares our commitment to putting clients first, and I am thrilled to partner with them to drive an even better experience for the families, business owners and other professionals we serve,” she said in a statement.
Michael DeMatteo added that Wealth Enhancement Group has established itself as a leading national wealth management and financial planning brand. “The back office, marketing and financial planning capabilities we’ll be able to leverage as part of the Wealth Enhancement Group team will bring tremendous benefits for both our firm and the clients we serve. The technology and growth vision they have laid will help position us for the future, and I have no doubt that we will accomplish great things together going forward.”
The addition of 10-15 Associates gives Wealth Enhancement Group 36 total offices nationwide and eight in the Tri-State area.
Jeff Dekko, CEO of Wealth Enhancement Group, said that as the firm has expanded across the country and in the New York region specifically, it has been very deliberate in identifying and partnering with advisors. “Deborah, Michael and all the professionals at 10-15 Associates exceeded our expectations, and we are eager to help them further accelerate their growth as part of our platform,” he said.