Wealth Enhancement Group, an independent wealth management firm backed by private equity firm TA Associates, has purchased MACRO Consulting Group, an independent hybrid registered investment adviser based in Parsippany, New Jersey with more than $900 million in total client assets. Upon the closing of the transaction, which is expected to close on July 1, 2021, Wealth Enhancement Group’s total client assets are expected to exceed $35.5 billion.
Mark Cortazzo founded MACRO in 1992 with a focus on comprehensive wealth management and financial planning for affluent retirees and the “millionaire next door.” He serves as the firm’s senior partner and leads the firm with Nick Spagnoletti, Jr. Both advisors have more than 30 years’ experience in the financial services industry.
“I’ve known MACRO’s founder, Mark Cortazzo, for many years, and have always been greatly impressed with his intellect and skill in building his business,” said Jeff Dekko, chief executive officer of Wealth Enhancement Group. “MACRO’s nearly 30-year history of helping clients address risk and build wealth is a natural cultural fit with our firm, and I look forward to supporting their team as we work together to continue to grow our footprint in the critically important Tri-State area.”
Upon the closing of the transaction, the MACRO team of 24 individuals, including five financial advisors, will join Wealth Enhancement Group, and will operate under the Wealth Enhancement Group brand as the MACRO Team.
Financial terms were not disclosed.
Founded in 1997, Wealth Enhancement Group is a Greater Minneapolis-based independent wealth management firm offering comprehensive and customized financial planning and investment management services.