Wealth Enhancement Lassos $1.2B Houston RIA

Wealth Enhancement Group, an independent wealth management firm with over $81.5 billion in client assets, has acquired The Financial Advisory Group, a registered investment advisor based in Houston with over $1.2 billion in assets under management.

Richard Alphonso founded the Financial Advisory Group in 1997, and it now has seven financial advisors and 14 support staff. It serves family offices and niche segments like oral surgeons, doctors, and attorneys.

The firm provides tax planning and preparation with traditional investment management, and financial planning services.

“After a 32-year career in this profession, this is the opportunity of a lifetime to continue delivering wealth management services to the next generation,” said Alphonso.

The addition of The Financial Advisory Group marks Wealth Enhancement Group’s third location in Texas and fifth of the year.

This deal follows WEG’s acquisition earlier this month of The Retirement Group, a San Diego-based hybrid RIA with over $809 million in assets.

Wealth Enhancement Group, based in Plymouth, MN, was one of the three most active RIA acquirers in 2023, along with Mercer Advisors and Captrust Financial Advisors, according to an Echelon Partners report released in January.