Minneapolis-based Wealth Enhancement Team, an acquisitive RIA with virtually $82 billion in consumer belongings, has picked up a hybrid Maryland company with greater than $502 million in AUM.
Positioned within the Baltimore suburb of Columbia, Lynch Retirement Team comprises 3 advisors and 3 fortify body of workers and was once up to now affiliated with Raymond James for brokerage and advisory products and services.
The company, which was once established in 1997 by means of John Lynch and has a satellite tv for pc place of work in Fairfax, Va., supplies monetary making plans, custom designed portfolio control and annuity overview for people saving for retirement.
Lynch will develop into a senior consultant at WEG.
“Via partnering with Wealth Enhancement Team, our workforce will achieve get right of entry to to extra assets and products and services to higher serve our shoppers,” he stated in a remark.
“Our blended strengths will foster an much more powerful and complete monetary making plans surroundings,” added Jim Cahn, who not too long ago become leader technique officer at WEG.
That is WEG’s fourth location in Maryland and is the 3rd acquisition introduced by means of the company in 2024. Some of the maximum energetic RIA patrons of the previous few years, WEG finished 18 offers ultimate 12 months, 14 in 2022 and 16 in 2021.
Based in 1997, WEG has grown belongings from round $4 billion to just about $82 billion because it offered a majority stake to Lightyear Capital in 2015. When TA Friends purchased out Lightyear Capital’s funding in 2019, the company was once overseeing round $12 billion.
By the point Onex Companions took possession in 2021, WEG was once managing on the subject of $40 billion.
“We’re almost definitely as busy as we’ve ever been,” Cahn advised WealthManagment.com previous this month, explaining that offers are sourced thru funding bankers, dealer/broker introductions and referrals from WEG’s advisors.
“That is one thing I am in reality happy with as a result of folks come right here and they are satisfied,” he stated, referencing a January piece written by means of Russ Alan Prince and Jerry Value for Monetary Consultant. “I noticed a learn about not too long ago that stated 55% of advisors feel sorry about doing their deal, and I do know that that is not the case with us, as a result of our advisors are in truth telling their buddies to come back sign up for us and it’s been a in reality giant supply of expansion for us.
“We will proceed to do offers on a countrywide foundation,” he added. We’re no longer simply doing M&A for the belongings or the EBITDA; we’re doing M&A as a result of we would like skill and since we predict we will lend a hand that skill develop. As a result of that, next-generation advisors, even though they’re older, are in reality essential to us.”
Cahn stated he expects to hit the $100 billion mark within the subsequent couple of years, even though WEG does not more offers. The company boasts a 22% natural expansion charge, supported by means of a devoted advertising division with a health care provider of anthropology on body of workers.
“The sky’s the restrict,” he stated.
Previous this 12 months, WEG closed offers to shop for Landmark Monetary Consultants in Bowling Inexperienced, Ken., with $543 million in belongings, and Piermont Wealth Control, a New York company with greater than $220 million.
