Wealth Enhancement, a national independent wealth management firm based in Minneapolis, has acquired the investment advisory business of Weinand Financial, an independent RIA in Olympia, Wash.
Wealth Enhancement said the acquisition of the team of one advisor and four support professionals, led by Mike Weinand, and the more than $644 million in client assets they manage lifts its total client assets to more than $160.7 billion.
The acquisition closed on Saturday.
“Weinand Financial strengthens our presence in Washington with a team that brings highly specialized retirement planning experience to our platform,” Jim Cahn, chief strategy officer of Wealth Enhancement, said in a statement. “The team adds meaningful depth to our capabilities in the region as we continue expanding across the Pacific Northwest.”
Founded in 1991, Weinand Financial provides financial planning services including retirement and investment planning, private and public pension review, retirement plan services, and insurance guidance.
The team has particular experience helping individuals, including Washington State employers, near or entering retirement navigate complex pension and retirement benefits, according to a news release.
“We’ve spent more than three decades building Weinand Financial around the needs of our clients, and we were very intentional about what the next chapter should look like,” Mike Weinand said. “Wealth Enhancement gives us the ability to bring more resources to the table without losing the personal relationships that have defined our firm.”
Wealth Enhancement has been one of the most active RIA serial acquirers this year, helping drive mergers and acquisition activity in the RIA space to record heights. Wealth Enhancement notched seven deals in the first half, the second most behind Stratos Wealth Network, according to ECHELON Partners’.
The RIA began the second half of the year buying or agreeing to acquire practices with $3 billion in managed assets. In its most recent deal, Wealth Enhancement said early this month it bought the investment advisory business of Miramar Capital, an independent RIA in Northbrook, Ill., that manages more than $592 million.