“They’re also very strong in their asset management, which we value,” he said. “We believe that, as the acquiring firm, we don’t have all the answers, and thus our view is that we can learn from them.”
North American will also serve to improve Wealth Enhancement Group’s multigenerational planning capabilities, Dekko said.
“As a firm with a long tradition of building and sustaining multigenerational client relationships, the needs of the individuals, families and institutions who entrust us with their financial future have always been paramount in our decision-making processes,” said Robert Scott, CEO and chairman of North American Management, in released comments. “Our goal in identifying a new strategic partner was not simply to join a larger platform, but to find a home for our clients that will last for decades to come as we work to guide them toward their financial goals.”
Wealth Management Group also announced last week that Morningstar CEO Kunal Kapoor has joined its board of directors.
“Clearly, the investment aspect of Morningstar is interesting, but there’s also fintech wrapped up in it,” said Dekko. “He’s a phenomenal leader. As we continue to build out our technology staff for ourselves, he’s valuable as a guide for me.”
Wealth Enhancement Group is focusing on technology to take more of the “science” out of financial planning through automation so that advisors can focus on the “art,” which is forming and sustaining client relationships, said Dekko. That is one main rationale behind the addition of Kapoor and, last summer, Facebook Vice President of Data Science Charles Thomas to its board of directors.