Private Equity-Backed Wealth Enhancement Group to Buy $1.4 Billion RIA
Wealth Enhancement Group, an independent wealth management firm that oversees $13.6 billion in client brokerage and advisory assets, has agreed to purchase RCL Advisors LLC, a registered investment advisor based in Manhattan with nearly $1.4 billion in advisory assets.
Wealth Enhancement Group, an independent wealth management firm that oversees $13.6 billion in client brokerage and advisory assets, has agreed to purchase RCL Advisors LLC, a registered investment advisor based in Manhattan with nearly $1.4 billion in advisory assets. Financial terms of the transaction, which is expected to close on January 1, 2020, were not disclosed.
The transaction is Wealth Enhancement Group’s 14th over the past six years and establishes the firm’s second location in Manhattan.
RCL Advisors has 12 employees, including five financial advisors, and focuses on serving high-net worth individuals and families, as well as institutions. For individuals and families, the firm offers a range of services, including investment management, retirement planning, trust and estate planning, education planning, cash and debt management, and tax strategies. For institutions, the firm provides comprehensive support, guidance and strategic planning services to assist clients in fulfilling their fiduciary duties.
RCL Advisors is Wealth Enhancement Group’s 28th office.
Founded in 1997 and backed by private equity firm TA Associates, Wealth Enhancement Group serves clients in more than 40 states.
