Wealth Enhancement Group, an independent wealth management firm, is to join forces with Pillar Pacific Capital Management, an independent registered investment adviser (RIA) with locations in Northern and Southern California that has USD1.6 billion in total client assets.
The transaction is expected to bring Wealth Enhancement Group’s total client assets to USD31.8 billion upon closing.
Led by President and CEO Mindy Ying, Pillar Pacific’s predecessor firm was founded in 1993 by its current Chief Investment Officer, Arthur French. The firm has seven financial advisors, who provide sophisticated investment management capabilities and holistic financial planning and wealth management services to high-net-worth individuals, multi-generational families and select institutions in the United States, Asia, Europe, Africa and Latin America.
In bringing on board Pillar Pacific’s locations in the Los Angeles suburb of San Marino and Pacifica (in the Bay Area), the transaction marks Wealth Enhancement Group’s first expansion to the strategically vital West Coast. The transaction further solidifies the firm’s position as a leading national wealth management and financial planning brand.
Jeff Dekko, Chief Executive Officer of Wealth Enhancement Group, says “Throughout our history, Wealth Enhancement Group has predominantly focused its efforts on building localised scale in key markets in the Midwest and on the East Coast. As part of our longer-term strategy, however, we have always envisioned developing a strong presence in the vital Los Angeles and Bay Area regions. We are thrilled to bring Mindy Ying, Art French and the excellent professionals at Pillar Pacific Capital Management to Wealth Enhancement Group. Their success in serving individuals and institutions over several decades is a testament to the hard work they have devoted to building trusted relationships, along with the investments they have made in the operational infrastructure needed to deliver great client experiences.”
Jim Cahn, Wealth Enhancement Group’s Chief Investments & Business Development Officer, added, “With the excellence in investment management and financial planning that Mindy and Art possess, I can’t imagine better partners with whom we would enter the California market.”
Following the closing of the transaction, Ying will continue with Wealth Enhancement Group as Managing Director and Senior Vice President – Financial Advisor, and French will become the firm’s Director of Research and Senior Portfolio Manager. The practice will do business as Wealth Enhancement Group.
Pillar Pacific’s 27-year GIPS-compliant, proprietary investment strategies will continue to be managed by French, Ying and their investment team through NorthCrest Asset Management, a wholly owned subsidiary of Wealth Enhancement Group.
Ying says: “Wealth Enhancement Group is known throughout the industry as a fast-growing firm that leverages its scale, expertise and innovative platform, along with a collaborative, supportive leadership style, to help advisors like us accelerate our growth, operate more efficiently and enhance the services we offer our clients. Jeff Dekko and the exceptional leaders at Wealth Enhancement Group understand, as we do, that our mutual success will flow from giving clients the heightened advisory experience they can’t find elsewhere, and like us, they are focused on doing all they can to provide that experience. We are excited to join together in our next stage of growth.”
Financial terms of the transaction, which is expected to close in June, have not been disclosed.
Berkshire Global Advisors served as the exclusive financial advisor to Pillar Pacific in the transaction.