Minneapolis-based independent wealth management firm Wealth Enhancement Group has announced the acquisition of Kings Point Capital Management, an independent registered investment advisor with offices in Great Neck, N.Y. and Brentwood, Tenn.
Kings Point’s team of five advisors and 11 support staff oversee $1.7 billion in assets for high net worth clients. The new partnership brings Wealth Enhancement Group's total client assets to more than $55 billion and is the fifth acquisition it has closed in 2022.
In announcing the deal, Wealth Enhancement CEO Jeff Dekko said Kings Point has “built a tremendously successful business by delivering customized solutions,” a business model familiar to his firm, which he called a “perfect fit” for the new team.
Kings Point Senior Managing Partner Jack L. Salzman and Managing Partner Jeffrey P. Bates, former Goldman Sachs executives, founded Kings Point as an independent registered investment advisor in 2005. Along with Partner Jake A. Marshall IV, the Kings Point team manages assets for wealthy individuals, multi-generational families, small business owners, endowments, foundations and trusts. The firm has built a reputation for actively managing concentrated portfolios focused on tax efficiency.
“As a firm that values high-touch service, personal attention and data analytics, we took our time to search for the right partner,” said Salzman. “We found the ideal match in Wealth Enhancement Group, whose team immediately understood our philosophy of service and embraced our unique investment management approach.”
“We look forward to the added tools, systems and flexibility they will make available,” added Bates.
“With more than 80 years of combined industry experience, Jack and Jeffrey are true leaders in the RIA space,” said Jim Cahn, chief investments and business development officer at Wealth Enhancement Group. “We are honored to provide them with the additional scale and resources they need to continue competing in the evolving wealth management industry.”
Salzman will serve as director of fundamental research, directing individual stock research of the Wealth Enhancement investment team.
Founded in 1997, Wealth Enhancement Group offers customized financial planning and investment management services to clients nationwide. While advice is offered through its RIA, Wealth Enhancement Advisory Services, some of the firm’s investment advisor representatives are also registered representatives of and offer securities through LPL Financial.
Wealth Enhancement Group had $53.3 billion in client brokerage and advisory assets as of March 31, 2022. With the addition of previously announced acquisitions and Kings Point, Wealth Enhancement Group was expected to have more $55 billion in client brokerage, advisory and trust assets as of May 31.
DeVoe & Company, a leading strategy and M&A consulting company serving the RIA industry, supported Kings Point Capital Management in the transaction.