Wealth Enhancement Buys $644 Million Weinand Financial as Assets Top $160.7 Billion
Updated
Updated · InvestmentNews · Aug 18
Wealth Enhancement Buys $644 Million Weinand Financial as Assets Top $160.7 Billion
1 articles · Updated · InvestmentNews · Aug 18
Summary
Weinand Financial, an Olympia, Washington RIA with more than $644 million in client assets, has been acquired by Wealth Enhancement, with terms undisclosed.
The deal lifts Wealth Enhancement's total client assets above $160.7 billion and strengthens its Pacific Northwest presence, adding Weinand's retirement-planning and Washington state pension expertise.
Mike Weinand's 1991-founded firm is led by the CFP founder and four support staff, and has focused on retirement and investment planning, pension reviews and insurance guidance.
The acquisition extends a summer buying streak that included Cloud Investments in Alabama at roughly $462 million and Miramar Capital in Illinois at about $592 million.
That acquisition-led expansion has pushed Wealth Enhancement far beyond the $11.8 billion it managed in 2019 and has fueled reports of a private-equity sale process valuing the firm near $7 billion including debt.
With multiple acquisitions closing this summer alone, what hidden risks lurk behind Wealth Enhancement's aggressive race to consolidate the RIA market?
Will this local acquisition genuinely help retirees, or is it just another pawn in a massive $7 billion private equity buyout?