Wealth Enhancement Group raised $400M . Acquired the Northern California RIA with
Serial Acquirer Wealth Enhancement Group announced plans to purchase Napa Valley Wealth Management and Truenote Investment Advisors, two Northern California-based registered investment advisors led by President and Chief Investment Officer Kelly Crane. The firm, which manages more than $400 million in combined client assets, is headquartered in St. Helena, California, and has additional offices in Walnut Creek and El Cerrito, California.
The deal, expected to close on March 31, represents WEG’s sixth deal in California since June 2021 and will bring its total client assets to $55.1 billion.
The two firms were founded in 1992 and specialize in investment services for nonprofits and clients going through divorce and career changes. He will now serve as the Wealth Enhancement Group’s Inconcert Napa Valley team.
Crane said in a statement, “Our clients enjoy the personalized and attentive service of a boutique firm, coupled with institution-level strategic investing and personalized financial planning. Many of our clients refer to us as their personal CFO ” “Looking for a new firm, we need to find a partner who respects our vision and supports our ambitions. After a long search, and intense hard work, we found the right solution for us with Wealth Enhancement Group “
Napa Valley and TrueNote join the crowd of top-producing RIAs selling their firms to larger enterprises like WEG. The firm has expanded its brand presence outside of its Minnesota roots into the Mid-Atlantic, Pacific and Northeast.
The news comes after WEG’s acquisition of Integra Capital Advisors last week, a Florida-based RIA with $287 million in client assets.
WEG CEO Jeff Deko said the firm’s strategy is to become a national provider of wealth management and financial planning services, and it is using M&A to do so.
