Wealth Enhancement Buys $760M New York Firm

Wealth Enhancement will be acquiring a New York-based wealth management firm, which manages over $760 million in total client assets. 

The Shufro-Glass Group, which is led by principal and senior financial advisors Gregory Shufro and Steven Glass, also includes three other staff members, the firm said. 

The Shufro-Glass Group operates within Shufro Rose, a firm founded in 1938, and provides wealth management services, including investment management and multi-generational wealth planning to high-net-worth clients.

As part of the acquisition, which is expected to close in August, Shufro and Glass will become equity holders of Wealth Enhancement, the firm said. 

Additionally, Shufro Rose was founded by Shufro’s grandfather Salwyn Shufro, and co-founder Edward Rose, he said. 

“Helping clients use their financial resources to achieve their goals has been the most rewarding part of my nearly 40-year career,” Glass said. “While building and managing our firm has been an important part of that journey, the increasing complexity of running an advisory business takes time away from serving clients.” 

Recently, Wealth Enhancement added two registered investment advisory firms with combined assets under management exceeding $426 million.  

The additions include Bend, OR-based hybrid RIA Sherpa Wealth Strategies, which manages about $108 million in total client assets, and Lake Tahoe Wealth Management, which manages more than $318 million in total client assets. 

Minneapolis-based Wealth Enhancement manages over $157 billion in assets under management and now has 182 offices, the firm said. 

Pictured: Gregory Shufro (Left) and Steven Glass (Right)