Serial acquirer Wealth Enhancement Group announced plans to purchase Napa Valley Wealth Management and TrueNote Investment Advisors, two Northern California–based registered investment advisors led by President and Chief Investment Officer Kelly Crane. The firms, which manage more than $400 million in combined client assets, are headquartered in St. Helena, Calif., and have additional offices in Walnut Creek and El Cerrito, Calif.
The deal, expected to close March 31, represents WEG’s sixth deal in California since June 2021 and will bring its total client assets to $55.1 billion.
The two firms were founded in 1992 and specialize in investment services for nonprofits and clients going through divorces and career changes. They will now operate as the InConcert Napa Valley Team of Wealth Enhancement Group.
"Our clients enjoy the individualized and attentive service of a boutique firm, coupled with institution-level tactical investing and personalized financial planning. Many of our clients view us as their personal CFO," Crane said in a statement. "In looking for a new firm, we needed to find a partner that would respect our approach and support our ambitions. After a long search, and deep due diligence, we found the right solution for us with Wealth Enhancement Group."
Napa Valley and TrueNote join the rush of top-producing RIAs selling their firms to bigger enterprises such as WEG. The firm has expanded its brand presence outside of its Minnesota roots into the Mid-Atlantic, Pacific and Northeast.
The news follows WEG’s acquisition last week of Integra Capital Advisors, a Florida-based RIA with $287 million in client assets.
WEG CEO Jeff Dekko said the firm’s strategy is to become a national provider of wealth management and financial planning services, and it’s using M&A as a way to do so.