Wealth Enhancement Group (WEG), a national independent wealth management firm heaquartered in Minneapolis, has acquired BTR Capital Management Inc., an independent registered investment advisor (RIA) located in Oakland, Calif., that oversees more than $1 billion in client assets, the company said.
“I am pleased to welcome the team at BTR Capital Management Inc. to Wealth Enhancement Group,” WEG CEO Jeff Dekko said in a prepared statement. “Over the past 30 years, they have worked hard to build strong relationships with their clients. BTR places a high emphasis on the quality of communication with its clients by seeking open, honest, and transparent interactions every step of the way, which is aligned with our firm’s philosophy.”
Founded in 1989 by Lewis H. Katcher and Stephen P. Yeatman, BTR is a comprehensive wealth and investment management firm that serves high-net-worth individuals and families, foundations and retirement plans. Now led by President and CEO John Stratton, the BTR team is comprised of nine advisors and five support staff members.
WEG oversees more than $55.2 billion in total client assets.
"BTR Capital Management provides its clients with unbiased planning and investment management, coupled with outstanding client service,” Stratton said in a news release. “As we considered the right partner to help us continue to serve our clients in the very best manner, Wealth Enhancement Group was clearly the right firm for our clients and team. We are extremely pleased to be part of one of the fastest-growing RIAs in the country."
By acquiring BTR, WEG hopes to expand its footprint in northern California, a key regional market, the news release said, and plans to pursue the same strategy of inorganic growth nationwide through future M&A deals. Jim Cahn, WEG’s chief investments & business development officer, said that the merger would be mutually beneficial to BTR and its clients as well.
“BTR’s trusted advisors help their clients develop plans for retirement and navigate key financial decisions,” Cahn said in the news release. “We are thrilled to join forces with BTR and give them access to Wealth Enhancement Group’s powerful resources, capabilities and robust growth programs.”
Park Sutton Advisors served as the sole financial advisor to BTR Capital Management Inc., in transacting the merger.
Financial details of the transaction were not disclosed.
Founded in 1997, Wealth Enhancement Group serves more than 45,500 households nationwide.
