Wealth Enhancement Group to Buy Connecticut RIA
Wealth Enhancement Group says it’s starting the year with the acquisition of a large RIA in Connecticut, building out its footprint in the New York Tristate area.
Founded in 1989 by CEO Robert Reby, Danbury, Conn.-based Reby Advisors has six financial advisors offering investment management and financial, retirement, tax, education and legacy planning primarily to small business owners, pre-retirees and retirees, Wealth Enhancement Group says. Reby managed around $727 million in client assets as of the end of 2020, Wealth Enhancement Group says.
The companies didn’t disclose the financial terms of the deal, which is scheduled to close in the first quarter. As part of the deal, the practice will do business as the Reby Advisory Teams of Wealth Enhancement Group, the company says.
The addition of Reby marks Wealth Enhancement Group’s eighth location in the New York metro region, the company says.
Greater Minneapolis-based Wealth Enhancement Group also made several large acquisitions in 2020. In December, the firm said it was adding Madison, Wis.-based Financial Wealth Management, which managed around $320 million in client assets, as well as the $3.2 billion SVA Financial Group, also in Wisconsin. In October, Wealth Enhancement Group announced that it was acquiring $923 million practice, and in August, it said it was adding a $446 million firm.
Founded in 1997, Wealth Enhancement Group oversaw more than $26.4 billion in client brokerage and advisory assets as of the end of 2020 for clients nationwide, the company says. The addition of Reby will bring Wealth Enhancement Group’s assets to $27.2 billion, the company says.
Wealth Enhancement Group and Wealth Enhancement Advisory Services offer securities through LPL Financial but are separate entities from LPL.
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