Wealth Enhancement Group to Buy $1.1B RIA Investor Solutions

Wealth Enhancement Group says it plans to acquire Investor Solutions, a Miami-based RIA with $1.1 billion in total client assets. The acquisition, to close in October, is WEG’s 10th of 2021, and its fourth office in Florida.

Upon acquiring Investor Solutions, WEG and its RIA, Wealth Enhancement Advisory Services, are expected to have more than $40 billion in total client assets, according to the firm. The Minneapolis-based firm, founded in 1997, has added 44 advisors and approximately $7.9 billion in assets to its platform via acquisitions since June 1.

Investor Solutions, which will do business under the WEG brand after the close, was founded in 1993 by CEO Frank Armstrong, who will join the new group as senior vice president, financial advisor. He’ll be joined by advisors Richard Feldman, Robert J. Gordon and Brett Fingerhut.

“[WEG] has long considered South Florida to be a crucial market for expansion as we strive to build scale and a strong client service presence in key regions of the country,” Jeff Dekko, CEO of WEG, said in a statement. “In Frank Armstrong and the Investor Solutions team, we have found a strong partner that possesses the ideal combination of characteristics: A nearly 30-year track record of client success and a deep desire to continue growing and developing their capabilities.”

Armstrong noted that his firm had a “wide range of choices” on who to partner with and decided on WEG as the firm “made our decision an easy one thanks to the technology, expertise and other support [of the team].”

Financial terms of the sale were not disclosed.