Deals & Moves: Wealth Enhancement Plants Flag in Alabama
Wealth Enhancement is continuing its aggressive expansion strategy by acquiring Alabama-based Cloud Investments. This deal adds $462 million in client assets and establishes the firm’s first physical presence in Alabama. The acquisition includes three offices across Huntsville, Florence, and Gadsden, with five advisors and six support staff joining the firm. Wealth Enhancement currently manages over $158.9 billion in total client assets and remains one of the sector's most active acquirers as reports indicate potential interest from private equity firms.
Simultaneously, Merit Financial Advisors has completed the acquisition of Towson Wealth Management. The Maryland-based firm manages $502.5 million in assets and will transition under the Merit brand. This move strengthens Merit’s footprint in the Mid-Atlantic region. CEO Kurt Wiegert will transition to a partner role at Merit, focusing on scaling the business with the backing of the firm’s existing operational infrastructure. Merit now oversees $26 billion in assets following this addition.
Cresset has also scaled its operations by adding wealth advisor Cory Boggs to its Santa Barbara office. Boggs joins from Manchester Capital Management, bringing significant experience in public and private market strategies for multi-generational families. This recruitment is part of a broader push by Cresset to capture top-tier advisory talent, following similar high-profile hires from major private banking institutions in recent months.
Finally, Osaic has expanded its network by bringing on Pearce Financial, a family-run firm based in Nebraska. Pearce Financial manages approximately $143 million in client assets and will utilize Osaic’s national technology and planning resources. This transition follows Osaic’s recent recapitalization by Reverence Capital Partners and Bain Capital, which provided the firm with significant capital to support its ongoing growth and recruitment efforts across the independent advisor market.