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Wealth Enhancement Group to Buy $923M RIA

By Alex Padalka October 9, 2020

Wealth Enhancement Group says it’s acquiring an RIA with $923 million in client assets. 

Founded in 1986 by Deborah DeMatteo and Michael DeMatteo, Goshen, N.Y.-based 10-15 Associates now has 16 employees, of which seven are financial advisors, according to Wealth Enhancement Group. The team offers a variety of services in wealth preservation, wealth transfer, tax mitigation and asset protection to families, business owners, and other professionals, Wealth Enhancement Group says.

The companies didn’t disclose the financial terms of the deal, which is scheduled to close in the fourth quarter this year. 

The addition of 10-15 Associates will mark the sixth New York office for Wealth Enhancement Group and its 36th nationwide, according to the press release. 

In August, Wealth Enhancement Group announced that it acquired  CJM Wealth Management, which at the time managed $446 million for individuals and families as well as 401(k) plans. And in February, Wealth Enhancement Group added JOYN Advisors, whose 12 financial advisors managed $1.3 billion at the time. 

Wealth Enhancement Group and Wealth Enhancement Advisory Services offer securities through LPL Financial but are separate entities from LPL.

Wealth Enhancement Group oversaw $20.3 billion in client assets as of the end of August, the company says in its latest press release. 

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Tags:  Finding and winning new clients , Client retention , Staffing and recruiting , LPL Financial , Wealth Enhancement Group

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