Wealth Enhancement Acquires $516M Dallas RIA
Wealth Enhancement has acquired XO Wealth Management, a 6-person firm in Dallas, TX overseeing more than $516 million in client assets, marking its 11th location in the Lone Star state.
Led by Matthew Fuller, founder and managing director, Stephen Valelly, managing director, and Carl Carlos, First VP, XO Wealth Management provides financial planning, wealth preservation, and risk management. The team works with high-net-worth and ultra-high-net-worth clients, entrepreneurs, and business owners. The firm will operate as the XO Team and the Skyline Team at Wealth Enhancement.
“Since 2016, the XO Wealth Management team has shown an unwavering commitment to helping their clients pursue their financial goals,” said Jeff Dekko, CEO of Wealth Enhancement. “We are honored that XO Wealth Management has chosen to partner with Wealth Enhancement to further grow their practice.”
Wealth Enhancement is backed by private equity firms Onex Partners and TA Associates. In June, it disaffiliated from LPL Financial after 17 years with the broker/dealer.
The firm’s pace mirrors industry trends—65 billion-dollar-plus RIA deals in 2024’s first half, according to Echelon Partners. Last week, the Minneapolis-based firm announced the acquisition of Marcum Wealth, a Cleveland, OH-based RIA managing $4.3 billion in client assets.
In February, the firm acquired Capstone Wealth Advisors, LLC, a $618 million advisory group with offices spanning the Pacific Northwest. With the latest additions, and previously announced acquisitions, the firm has nearly $108 billion in assets under management.
Williams Private Wealth Advisory & Consulting served as advisor to XO Wealth Management in the deal.