Wealth Enhancement Group, an independent wealth management firm, has snapped up Piermont Wealth Management, a US-based independent registered investment advisor (RIA), for an undisclosed price.
Piermont Wealth Management is located in Melville, New York and Boca Raton, Florida.
Led by its CEO Philip Capell, the RIA’s team handles more than $226m in client assets.
Established in 2000, the US-based independent RIA offers extensive wealth management services to pre-retirees within 10 years of retirement and retirees.
It includes estate planning, investment management, gift and income tax planning, financial planning, and retirement planning.
The US Securities and Exchange Commission (SEC)- registered investment advisory firm specialises in cash flow analysis and management, estate planning, and portfolio management.
Capell said: “We have been impressed with our colleagues at the firm, their commitment to success and their client-first philosophy.
“We plan to use Wealth Enhancement Group’s strong investment research and management team, a wide array of financial planning services and experienced back-office support staff to help us satisfy our clients’ needs and objectives now and into the future.”
According to Wealth Enhancement Group, the acquisition of Piermont Wealth Management marks the former’s 12th location in Florida, US. Besides, the transaction brings Wealth Enhancement Group’s total client assets to over $79bn.
Based in the US, the independent wealth management firm offers financial plans and investment management services to more than 55,000.
Wealth Enhancement Group offers advisory services through its registered investment advisor Wealth Enhancement Advisory Services.
Wealth Enhancement Group CEO Jeff Dekko said: “Wealth Enhancement Group is thrilled to announce the addition of Philip and his team to our organization.
“We are confident that their extensive knowledge and experience in the financial industry will benefit our firm as we seek to provide our clients with the best possible financial advice.”
Advisor Growth Strategies was the exclusive financial advisor to Piermont Wealth Management in the transaction.
In December 2023, Wealth Enhancement Group acquired Asset Management Resources and Landmark Financial Advisors in two separate deals.