Wealth Enhancement Group Expands Presence in New York with Acquisition of RCL Advisors
Mergers & Acquisitions Daily News
2019 NOV 11 (NewsRx) -- By a News Reporter-Staff News Editor at Mergers & Acquisitions Daily News -- Wealth Enhancement Group, an independent wealth management firm that oversees $13.6 billion* in client assets, announced that it has signed a definitive agreement to acquire RCL Advisors LLC, a registered investment advisor based in New York, N.Y., with nearly $1.4 billion in combined client assets.* * The transaction is Wealth Enhancement Group’s 14th acquisition over the past six years and establishes the firm’s second location in Manhattan.
The addition of RCL Advisors expands Wealth Enhancement Group’s presence in the densely populated New York-New Jersey-Connecticut tri-state area, and builds on the firm’s momentum in establishing itself as a leading national wealth management and financial planning brand, driven by a combination of organic growth and targeted acquisitions in key markets across the country.
RCL Advisors has 12 employees, including five financial advisors, and focuses on serving high-net worth individuals and families, as well as institutions. For individuals and families, RCL offers a broad range of services, including investment management, retirement planning, trust and estate planning, education planning, cash and debt management, and tax strategies. For institutions, the firm provides comprehensive support, guidance and strategic planning services to assist clients in fulfilling their fiduciary duties.
Jeff Dekko, Chief Executive Officer of Wealth Enhancement Group, said, “From our first meeting with the team at RCL Advisors, we could immediately see that they would be a great fit with Wealth Enhancement Group. They are entrepreneurial and passionate about providing clients with an amazing service experience, and their excellent track record proves it. We look forward to working with RCL Advisors to build on their success, and we are excited to help them continue to expand their presence in the tri-state area - a geography that is a key strategic focus for us going forward.”
Mr. Dekko continued, “As a firm, Wealth Enhancement Group continues to grow organically and through key strategic acquisitions such as this one. Our national growth strategy has helped us build a team of talented financial advisors across a diverse geographic footprint, all of whom have the same focused, entrepreneurial DNA that we do. RCL Advisors is a perfect fit with our team, and we have every confidence that they will be able to leverage our centralized operational and investment management platform to continue to grow their presence in this key market. It’s a win all around, for them and for us.”
RCL Advisors partner and founding member Barbara Raasch said, “We are thrilled to join Wealth Enhancement Group. The firm’s reputation in the financial advice space is second to none, and we look forward to working with its team to enhance our client service capabilities. That’s where we make a difference for our clients, and we were pleased to see that Jeff Dekko and his team feel the same way about giving clients a great service experience while providing them with the objective, professional advice to support the pursuit of their financial goals. Our clients expect nothing less, and teaming with Wealth Enhancement Group will help us serve them even more effectively.”
RCL Advisors is Wealth Enhancement Group’s 28th office. Financial terms of the transaction, which is expected to close on January 1, 2020, were not disclosed. Keywords for this news article include: Finance and Investment, Investment and Finance, Mergers and Acquisitions, Wealth Enhancement Group.
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