Wealth Enhancement Group Adds NJ-based RIA BFS Wealth Management with Over $523M in Assets
Wealth Enhancement Group (WEG) is expanding with the acquisition of BFS Wealth Management, a hybrid RIA with over $523 million in assets, continuing its recent buying spree of financial advisory services.
Financial terms of the deal, which is expected to close by the end of 2022, were not disclosed.
The purchase of the Iselin, NJ-based firm is WEG’s 12th in the tri-state area, and the 14th of the year, including BFS, following the purchases of BTR Capital Management in November and Ginsburg Financial Advisors three weeks ago.
Commenting on the two firms’ similar philosophies and values, BFS President John B. Burke said, “By integrating our team’s diversity of knowledge and experience, with the resources available at Wealth Enhancement Group, we believe our collective expertise will strengthen the advice we offer to our clients.”
The Minneapolis-based firm now has nearly $58bn in total assets, including $4bn in brokerage funds held with LPL. The firm serves high net-worth individuals and families, foundations and retirement plans.
