MINNEAPOLIS, Sept. 21 2021 /PRNewswire/ — Wealth Enhancement Group, an independent wealth management firm, today announced that it has joined forces with Walnut Creek Wealth Management, a hybrid RIA headquartered in Walnut Creek, Calif., with three financial advisors that collectively oversee nearly $1 billion in total client assets. Walnut Creek is Wealth Enhancement Group’s 12th transaction announced in 2021 and drives the firm’s total client assets to more than $46 billion.*
Founded in 1992, Walnut Creek is led by CEO and Principal Bernard Smit and includes Principals Damien Couture and Debbie Pursey, as well as five additional employees. The firm specializes in financial planning, wealth management and asset management for corporate executives; single, divorced and widowed women; physicians; and business owners. Additionally, it offers qualified retirement plan support for small- and medium-size businesses.
Walnut Creek’s office is Wealth Enhancement Group’s fourth location in California, following its June acquisition of Pillar Pacific Capital Management, with offices in San Marino and Pacifica, and its July acquisition of Los Angeles-based Oakwood Capital Management.
Jeff Dekko, Chief Executive Officer of Wealth Enhancement Group, said, “The West Coast is a prime focus for us as we continue to expand our financial-planning based approach to client service, which is undergirded by the strategic investments we have made in process and technology, as well as the scale we have built on both local and national levels. We are thrilled to bring aboard a team with the level of experience and knowledge that Bernie Smit, Damien Couture and Debbie Pursey possess, and we look forward to helping them achieve new levels of growth and efficiency in their business. I have no doubt that we will achieve great things together.”
Jim Cahn, Wealth Enhancement Group’s Chief Investments & Business Development Officer, said, “Bernie Smit and his team offer a rare combination of sophisticated financial planning, wealth management and asset management experience with an uncanny ability to build long-lasting, trusted client relationships. They are outstanding additions to the Wealth Enhancement Group family, and we are pleased to have them on board.”
After the Sept. 15 close of the transaction, Walnut Creek is doing business as the Walnut Creek Team at Wealth Enhancement Group. Mr. Smit, Mr. Couture and Ms. Pursey serve as Senior Vice Presidents and Financial Advisors. As part of the transaction, the practice will transition its brokerage assets to LPL Financial.
Mr. Smit said, “This is a momentous time in our firm’s history, marking a new chapter for our business. Partnering with Wealth Enhancement Group – with its comprehensive scale, resources and support – will unlock new capabilities for our practice, while also enhancing our ability to provide our clients the attentive, independent advice they have come to expect from us. We believe it’s a win for our team and for those we have the privilege to serve.”
David Selig of Advice Dynamics Partners served as Walnut Creek’s M&A advisor and Chris Frieden of Alston & Bird served as counsel. Financial terms of the transaction were not disclosed.
About Wealth Enhancement Group
Wealth Enhancement Group is a Greater Minneapolis-based independent wealth management firm offering comprehensive and customized financial planning and investment management services. Founded in 1997, Wealth Enhancement Group serves clients nationwide. Wealth Enhancement Group specializes in providing retail clients with the team-based knowledge and resources they need to simplify their financial life. For more information, please visit www.wealthenhancement.com.
Advisory services offered through Wealth Enhancement Advisory Services, LLC (WEAS), a registered investment advisor. Certain, but not all, investment advisor representatives (IARs) of WEAS are also registered representatives of and offer securities through LPL Financial, Member FINRA/SIPC. Wealth Enhancement Group and Wealth Enhancement Advisory Services are separate entities from LPL Financial. Wealth Enhancement Group is a registered trademark of Wealth Enhancement Group, LLC.
*Wealth Enhancement Group and its Registered Investment Advisor, Wealth Enhancement Advisory Services, had $38.8 billion in client brokerage and advisory assets as of 7/31/2021. Walnut Creek Wealth Management has $966 million in client assets as of 6/30/2021. With the addition of previously announced acquisitions that closed in August and are expected to close in October and November, plus and the acquisition of Walnut Creek Wealth Management, Wealth Enhancement Group will have $46.42 billion in client brokerage, advisory and trust assets as of November 2021.
SOURCE Wealth Enhancement Group