Minneapolis-based Wealth Enhancement Group, an acquisitive RIA with over $82 billion in client assets, has purchased The Retirement Group, a hybrid RIA headquartered in San Diego, with over $809 million in assets. The deal is WEG’s fourth transaction in 2024 and its 18th location in California.
The Retirement Group, founded in 1993, consists of 11 advisors and is led by CEO John Jastremski. The firm helps individuals and businesses through retirement and was previously affiliated with Osaic.
“After interviewing 20 large, nationally recognized firms, we felt our vision to offer premier services to corporate retirees and small business owners could only be met by partnering with Wealth Enhancement Group,” Jastremski said in a statement. “By teaming up with Wealth Enhancement Group, we will be able to provide a robust range of client services, including comprehensive wealth management, in-house tax preparation, trust services, estate planning, power of attorney, insurance, and much more."
Among the most active RIA buyers of the last few years, WEG completed 18 deals last year, 14 in 2022 and 16 in 2021.
Founded in 1997, WEG has grown assets from around $4 billion to more than $82 billion since it sold a majority stake to Lightyear Capital in 2015. When TA Associates bought out Lightyear Capital’s investment in 2019, the firm was overseeing around $12 billion.
By the time Onex Partners took ownership in 2021, WEG was managing close to $40 billion.
Earlier this year, WEG closed deals to buy Landmark Financial Advisors in Bowling Green, Ken., with $543 million in assets, Piermont Wealth Management, a New York firm with more than $220 million, and Lynch Retirement Group, a Maryland firm with more than $502 million in AUM.