Wealth Enhancement Group Buys $1.6 Billion RIA

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Wealth Enhancement Group bought Sadoff Investment Management, a registered investment advisory firm with $1.6 billion in assets, the latest in a slew of M&A deals among wealth managers.

M&A activity among wealth managers remains hot and is on track for another record year. Aging baby boomer owners of registered investment advisor firms have been seeking to sell their businesses, while at the same time there has been an influx of buyers, including private-equity firms.

From left to right: Bryan Sadoff, Ron Sadoff and Michael Sadoff

Photo Illustration by Barron’s Advisor; Courtesy of Wealth Enhancement Group

Wealth Enhancement Group has inked a string of M&A deals this year. The acquisition of Sadoff Investment Management brings Wealth Enhancement Group’s total client assets to more than $57 billion, according to the company.

Milwaukee-based Sadoff Investment Management’s advisors include Ronald Sadoff, who founded the firm in 1978, and his sons Bryan and Michael. They and three support staff are joining Wealth Enhancement Group as part of the deal.

“Good succession planning is very important to us at Wealth Enhancement Group,” said Jim Cahn, the company’s chief investments and business development officer. “Look at the way Ron built the family business, brought Bryan and Michael in, and set up Sadoff investment Management for many decades of success.”

The Sadoff team serves high-net-worth business owners and professionals who are near or in retirement, according to the firm. 

The Sadoff deal marks Wealth Enhancement Group’s ninth acquisition so far this year. Last week, Wealth Enhancement Group said it had bought Pinnacle Private Wealth, a Burlington, Mass.-based hybrid RIA with over $660 million in client assets. Wealth Enhancement Group is among Barron’s top-ranked RIAs for 2021.

Write to Andrew Welsch at andrew.welsch@barrons.com

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