Home News Wealth Enhancement Group to Buy $1.6 Billion California RIA

Wealth Enhancement Group to Buy $1.6 Billion California RIA

Wealth Enhancement Group, an independent wealth management firm, plans to purchase Pillar Pacific Capital Management LLC.

Wealth Enhancement Group, an independent wealth management firm, plans to purchase Pillar Pacific Capital Management LLC, an independent registered investment adviser with locations in Northern and Southern California that has $1.6 billion in total client assets. The transaction is expected to close in June and will bring Wealth Enhancement Group’s total client assets to $31.8 billion.

Led by president and chief executive officer Mindy Ying, Pillar Pacific’s predecessor firm was founded in 1993 by its current chief investment officer, Arthur French. The firm has seven financial advisors, who provide investment management and holistic financial planning and wealth management services to high-net-worth individuals, multi-generational families and institutions in the United States, Asia, Europe, Africa and Latin America.

Pillar Pacific has locations in the Los Angeles suburb of San Marino and the Bay Area city of Pacifica and will mark Wealth Enhancement Group’s first expansion to the West Coast.

“Throughout our history, Wealth Enhancement Group has predominantly focused its efforts on building localized scale in key markets in the Midwest and on the East Coast,” said Jeff Dekko, CEO of Wealth Enhancement Group. “As part of our longer-term strategy, however, we have always envisioned developing a strong presence in the vital Los Angeles and Bay Area regions.”

Following the closing of the transaction, Ying will continue with Wealth Enhancement Group as managing director and senior vice president – financial advisor, and French will become the firm’s director of research and senior portfolio manager. The practice will do business as Wealth Enhancement Group.

Pillar Pacific’s investment strategies will continue to be managed by French, Ying and their investment team through NorthCrest Asset Management, a wholly owned subsidiary of Wealth Enhancement Group.

Financial terms of the transaction were not disclosed.

Wealth Enhancement Group is a Greater Minneapolis-based independent wealth management firm offering comprehensive and customized financial planning and investment management services.

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