Wealth Enhancement Group (WEG), an independent wealth management firm headquartered in Minneapolis, has agreed to acquire Pinnacle Private Wealth, a hybrid RIA based in Burlington, Mass., the companies anounced today.
Founded in 2009 and led by co-founders Myles Dudley and Daniel Cotton, industry veterans with over four decades of combined experience, Pinnacle Private Wealth has a team of eight advisors and two support staff members and oversees more than $663 million in client and advisory assets. The practice provides pre-retired and retired high-net-worth individuals and business owners with financial planning services that include risk management analysis and integration with tax and estate planning.
“Myles and Daniel have built and grown an impressive business, and just as importantly, they’ve stayed true to their client-centered beliefs,” WEG CEO Jeff Dekko said in a news release. “Their ‘Invest with Purpose’ mantra is an excellent fit with our culture at Wealth Enhancement Group, and we look forward to working closely together for years to come.”
Jim Cahn, WEG chief investments and business development officer, said that Pinnacle’s holistic approach aligned with his company’s business model of having affiliated advisors tap into a network of specialists.
"We are looking forward to leveraging the vast resources at Wealth Enhancement Group to serve our clients locally and nationally even better,” Dudley said in the release.
Financial details of the transaction were not disclosed. Spokesperson Maggie Habashy said that the transaction was scheduled to close next week.
Founded in 1997, Wealth Enhancement Group and its registered investment advisor, Wealth Enhancement Advisory Services, reported $55.7 billion in client assets, including $4 billion of brokerage assets, as of June 30. With the addition of previously announced acquisitions, including the acquisition of Pinnacle Private Wealth, Wealth Enhancement Group said the company will have over $56 billion in client, advisory, trust and brokerage assets.