Wealth Enhancement Group (WEG), an independent wealth management firm that oversees more than USD26 billion in client assets, has appointed Kunal Kapoor, CEO of Chicago-based investment research firm Morningstar, to its Board of Directors.
The addition of one of the financial services sector’s most prominent and highly regarded leaders to the firm’s Board reflects Wealth Enhancement Group’s unwavering focus on establishing itself as the nation’s leading registered investment advisor (RIA) platform through ongoing investment in industry-leading talent and technology.
In the last decade, WEG has emerged as one of the fastest growing wealth management firms in the country, surpassing USD25 billion in total client assets in 2020. The firm has closed seven acquisitions since the beginning of 2020, including its purchase of Wisconsin-based SVA Financial Group, a deal that added USD3.2 billion to its total assets.
Jeff Dekko, CEO of Wealth Enhancement Group, says: “Kunal’s addition to our Board of Directors represents another tremendous step forward in our long-term strategy of building an industry-leading base of executive talent and technology to further expand on Wealth Enhancement Group’s position as a national wealth management brand. His long, successful tenure at Morningstar has established him as a proven leader of rare ability in the financial services world, with particular skill in driving ongoing growth for large, national organisations. His insight and guidance will benefit me and our entire team from day one and we look forward to leveraging his experience and expertise to drive further progress towards our strategic goals.”
This appointment follows the additions of Chief Operating Officer Terri Kallsen, formerly Executive Vice President for Investor Services at Charles Schwab, and Chief Digital & Marketing Officer Utkarsh Patel, who previously led digital strategy for First Abu Dhabi Bank, as well as the addition to the firm’s Board of Charles Thomas, Facebook’s Vice President for Data Science. WEG partnered with executive search firm Caldwell to source all placements, including Kapoor’s.
Kapoor joined Morningstar in 1997 as a data analyst and rose through a series of successively more senior management positions, including director of mutual fund research, director of business strategy for international operations and president and chief investment officer of Morningstar Investment Services. He assumed the role of CEO in 2017, succeeding Joe Mansueto, who founded Morningstar in 1984.
Kapoor says: “It’s an honour to join Wealth Enhancement Group’s distinguished Board of Directors at such a crucial growth point in its history. There has never been a greater time for well-structured, well-run firms to meet investor demand for valuable advice with holistic financial planning and wealth management services. I firmly believe that, with its focus on integrating high-performing advisory firms into its team; building local scale in high-density strategic markets; and equipping advisors with centralised portfolio management, technology and back office platforms, WEG is in a prime position to accelerate its already-strong growth trajectory and ultimately serve more investors. I look forward to working with Jeff and his leadership team to help achieve WEG’s full potential.”