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$17B Wealth Shop Adds Atlanta Outpost

By Alex Padalka February 25, 2020

Wealth Enhancement Group says it’s acquired an Atlanta-based RIA, marking the company’s first office in the Peach State.

The new addition, JOYN Advisors, specializes in “behavioral wealth management,” and has been in business for nearly 30 years, Wealth Enhancement Group notes in its announcement.

Brothers David and Matthew Geller co-founded JOYN in 1991 and now count 12 financial advisors among the company’s 35 employees.

The team represented about $1.3 billion in client assets as of the end of November, and takes a team-based approach, offering investment and wealth management services including retirement, tax and estate planning, risk management and strategic business liquidity services.

Terms of the deal, which is scheduled to close by April 1, were not disclosed.

“We are thrilled to partner with Wealth Enhancement Group, a firm whose infrastructure, technology and growth platforms enable us to take our services to new heights,” JOYN CEO David Geller says in the press release.

DeVoe & Co., a strategic advisor to RIAs, represented JOYN in the deal, Wealth Enhancement says.

Wealth Enhancement is majority-owned by TA Associates, a private equity shop. TA bought its stake last July from Lightyear Capital, another private equity player, which had been majority owner since 2015.

In addition to the most recent acquisition, Wealth Enhancement has made at least two more buys since TA Associates’ investment: a $1 billion hybrid RIA operating in western Pennsylvania and a $1.4 billion RIA in New York.

Founded in 1997, Wealth Enhancement Group lists 28 offices across 12 states on its website. That list does not include the JOYN deal.

Its biggest presence is in its home state of Minnesota, where it has 11 offices.

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Tags:  Staffing and recruiting , Behavioral finance , Lightyear Capital , TA Associates , Wealth Enhancement Group , DeVoe & Co.

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