Wealth Enhancement Group, an acquisitive Minneapolis-based registered funding advisor, has bought Levy Wealth Administration Group, LLC, a Philadelphia-based hybrid RIA.
Levy’s group oversees greater than $1.3 billion in shoppers’ belongings and is led by President Victor Levy, Chief Working Officer and Wealth Advisor Michael Clatterbuck and Wealth Advisor Joseph Robostello. It’s WEG’s ninth location in Philadelphia and the deal pushes its complete shoppers belongings to greater than $90 billion.
“Victor, Michael, Joe, and their group have constructed a classy observe rooted in customized monetary planning,” WEG CEO Jeff Dekko mentioned in a press release. “They dwell their mission–We Present We Care—day-after-day by constructing robust, sustainable shopper relationships.”
Levy Wealth Administration Group was shaped out of Leon L. Levy and Associates, a life and incapacity insurance coverage brokerage agency based by Victor’s father, Leon L. Levy, in 1972, and the place Victor and his brother, David Levy, established their specialties in wealth administration and group insurance coverage, respectively.
The agency supplies complete wealth administration companies and focuses on working with healthcare professionals, enterprise homeowners and a number of generations of members of the family who’re curious about wealth administration, tax planning, property planning and holistic monetary planning.
“The excellent sources the agency supplies will allow us to additional our mission of serving to shoppers extra effectively attain their monetary objectives,” Victor Levy mentioned in a press release. “Moreover, we sit up for working alongside a group that shares our dedication to technological innovation, funding effectivity, and shopper care.”
“With their mission of serving to shoppers combine features of their monetary life to attain their objectives, we’re assured this might be a mutually useful partnership,” added WEG Chief Technique Officer Jim Cahn.
Levy Wealth Administration Group will function because the Levy-Clatterbuck-Robostello Crew at Wealth Enhancement Group. David Selig of Recommendation Dynamics Companions, LLC, served as its M&A advisor.
The deal is simply the most recent in one other busy yr for WEG. Most lately, in July, WEG bought Rock Home Monetary, an unbiased RIA with $272 million, Peak Monetary Providers, a $123 million hybrid RIA in Northborough, Mass., and Starfox Monetary Providers, an RIA with greater than $254 million in belongings in The Woodlands, Texas.
Dekko shared his firm’s strategy to staffing fashions, strategic decision-making and the importance of natural development within the monetary advisory trade on the RIA Edge podcast in June. As well as, Doug Huber, vp of funding technique at Wealth Enhancement Group, mentioned the agency’s methods for personal market methods amid the continued evolution of other investments on the WealthManagement Make investments podcast
Among the many most lively RIA patrons of the previous few years, WEG accomplished 18 offers in 2023, 14 in 2022 and 16 in 2021.
Based in 1997, WEG has grown from $4 billion in AUM to over $85 billion because it offered a majority stake to Lightyear Capital in 2015. TA Associates purchased out Lightyear Capital’s funding in 2019 when the agency was overseeing round $12 billion. Onex Companions took possession in 2021, simply because the agency approached $40 billion in AUM.
