Wealth Enhancement Group Expands with Acquisition of First Capital Advisors Group

Wealth Enhancement Group (WEG) has announced its tenth acquisition this year, with the purchase of First Capital Advisors Group. This acquisition brings approximately $341 million in assets under management to WEG, as well as two new locations in Little Silver, N.J. and Blue Bell, Penn.

First Capital Advisors Group, founded in 2015, caters to high-net-worth individuals, business owners, executives, and medical professionals. Prior to the establishment of First Capital, its founders Jim Hiles and Jeff Schulte were registered with Cantor Fitzgerald Wealth Partners.

According to Hiles, WEG was an attractive partner due to the firm's scale and capabilities. He stated, "In today's wealth management space, being independent is a major advantage, but having state-of-the-art resources and a deep bench of experience to draw upon is vital to provide the optimum service for our clients."

The terms of the deal were not disclosed by WEG, but the closing is set to take place on August 31.

With headquarters in Minneapolis, WEG has established itself as one of the top 100 Registered Investment Advisory firms. Since its founding in 1997, WEG has pursued an aggressive acquisition strategy to expand its reach and increase its size. Currently, the firm manages over $70.8 billion in client, advisory, trust, and brokerage assets.

Among WEG's other notable acquisitions this year was New Era Financial Advisors, whose $1.1 billion in assets were acquired in April. This series of acquisitions by WEG aligns with the strong market for M&A deals among RIAs in recent years.