Wealth Enhancement Group's Assets Top $81B
It also just hired Michael Fredericks, who worked earlier at BlackRock, as its new chief investment officer.
Wealth Enhancement Group, an independent wealth firm, says that its advisors are working with $81.3 billion in client assets, including over $4 billion of brokerage assets held at LPL Financial, as of March 31. It also made three key leadership appointments amid its continued growth in strategic markets and other developments.
Last year, the firm announced or closed 18 acquisitions, and so far in 2024, it has struck five transactions. The firm now has 115 offices across 26 states, including 17 in California, 15 in Minnesota, 11 in New York and 10 in Florida.
In 2023, Wealth Enhancement’s total asset inflows from new and existing clients increasing by 22% over the previous year, it’s highest level yet. According to its announcement Moday, the growth was fueled by diverse sources, including centralized digital marketing, partner referral programs and advisor-generated referrals.
“Reaching these significant milestones underscores our commitment to providing best-in-class financial advice and expanding our reach to serve more individuals,” CEO Jeff Dekko said in a statement. “Our growth trajectory continues this year, and we are eager to progress forward as a leading RIA platform.”
Executive Moves
Jim Cahn will now chair the firm’s investment committee and serve as chief strategy officer. He previously was its chief investments and business development officer and joined the firm in 2012.
Michael Fredericks joins Wealth Enhancement as chief investment officer and will report to Cahn. He will focus on driving the investment process for portfolios managed by Wealth Enhancement Advisory Services and related work.
Previously, Fredericks served as head of income investing at BlackRock (2011-2023) and also worked at JPMorgan (2006-2011). At BlackRock, he played a key role in establishing the company’s Multi-Asset Strategies and Solutions Group and growing it to a $32 billion platform.
Dan Stampf will become Wealth Enhancement’s first chief product officer and will be responsible for the firm’s offerings, which include advanced financial and estate planning, tax strategies and preparation, employer retirement and benefits, individual insurance and trust services. Stampf’s previously worked at Empower, Personal Capital and Fisher Investments.