Wealth Enhancement Group, an independent wealth management firm, has purchased Oakwood Capital Management, a Los Angeles-based independent registered investment adviser with $1.04 billion in total client assets. Upon closing of the transaction, Wealth Enhancement Group’s total client assets are expected to exceed $37 billion.
Founded in 1998 by president and chief executive officer Bruce Mandel, Oakwood Capital Management is Wealth Enhancement Group’s second Southern California acquisition, following the recent addition of Pillar Pacific Capital Management.
Oakwood Capital Management has five financial advisors among its 14 employees, and it specializes in wealth management, investment management, asset management and financial planning for a predominantly West Coast-based book of clients. The practice serves high-net worth professionals, retirees, and younger, tech-savvy clients.
Upon closing, the practice is called the Oakwood Team at Wealth Enhancement Group, and Mandel serves as managing director.
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.