Wealth Enhancement Buys $462M RIA

Wealth Enhancement has marked its entry into the Alabama market with its acquisition of registered investment advisory Cloud Investments. 

Huntsville, AL-based Cloud Investments, founded in 2006, manages over $462 million in total client assets and is led by president and wealth advisor Don Cloud. 

The RIA provides financial planning, retirement planning, investment management, tax strategy, estate planning, and risk management services to high-net-worth clients including business owners, and families throughout North Alabama. 

“Our focus stays the same as it has always been, to provide a positive and lasting impact on our clients and community through dedication, excellence, and integrity,” Cloud said. 

Cloud Investments includes a five-person advisory team and six support members. The RIA also has two other offices in Florence and Gadsden, Alabama. 

The acquisition, which closed on July 31, marks Wealth Enhancement’s 10th acquisition of the year and boosts the firm’s total assets under management to over $158.9 billion. 

Recently, Wealth Enhancement added Houston-based Trippon Wealth Management Group, which oversees more than $299 million in total client assets. 

Minneapolis-based Wealth Enhancement, which is led by CEO Jeff Dekko, is majority-owned by private equity shops Onex Corporation and TA Associates and has 188 offices, the firm said.

Pictured: Cloud Investments