Wealth Enhancement Group, an independent wealth management firm, plans to acquire Carroll Financial Associates Inc., an independent registered investment advisor headquartered in Charlotte, North Carolina with 39 financial advisors that collectively oversee $4.7 billion in total client assets.
Wealth Enhancement Group’s total client assets are expected to reach $45.5 billion upon completing the transaction, which is its largest to date. Since June 1, the firm has added 83 advisors and about $12.5 billion in assets to its platform, after adding nearly $7 billion in assets in 2020 and approximately $4.5 billion in 2019.
Founded in 1980 by chairman emeritus Larry Carroll and led by his son, chief executive officer Kristopher Carroll, the firm has locations in Raleigh, North Carolina and Rock Hill, South Carolina, in addition to its Charlotte headquarters. It specializes in comprehensive financial planning, retirement planning, investment management, estate planning, education planning and transition planning for clients throughout the Carolinas.
The three offices will be Wealth Enhancement Group’s first in the Carolinas.
“The firm that Larry and Kristopher Carroll have built over the past several decades is truly a paragon of success…We are thrilled to bring aboard a firm of this caliber and sophistication, and we look forward to working together with the entire team as we establish our presence in the Carolinas,” said Jeff Dekko, CEO of Wealth Enhancement Group.
Upon close, Larry Carroll will serve as senior vice president and financial advisor and Kristopher Carroll will serve as managing director at Wealth Enhancement Group. As part of the transaction, the practice will be moving its brokerage assets to LPL Financial.
The transaction is set to close by November 1, 2021. Financial terms were not disclosed.
Founded in 1997, Wealth Enhancement Group is based in Greater Minneapolis and offers comprehensive and customized financial planning and investment management services.