Wealth Enhancement Group is establishing a footprint in the Carolinas with the acquisition of Carroll Financial Associates, a $4.7 billion registered investment adviser based in Charlotte, North Carolina.
This marks the 11th deal this year for Minneapolis-based Wealth Enhancement Group, which will oversee $45.5 billion in client assets at the close of the deal, expected Nov. 1.
Since June, Wealth Enhancement Group has added 83 advisers and about $12.5 billion in assets to its platform, after adding nearly $7 billion in assets in 2020 and approximately $4.5 billion in 2019.
Founded in 1980 by chairman emeritus Larry Carroll and led by his son, CEO Kristopher Carroll, the firm has locations in Raleigh, North Carolina, and Rock Hill, South Carolina, in addition to its headquarters.
Carroll Financial Associates’ three offices will be Wealth Enhancement Group’s first in the Carolinas.
“The firm that Larry and Kristopher Carroll have built over the past several decades is truly a paragon of success and reflects the potential of financial planning-based business models in today’s competitive wealth management marketplace,” Wealth Enhancement Group CEO Jeff Dekko said in a prepared statement.
Upon close, Larry Carroll will serve as senior vice president, financial adviser, and Kristopher Carroll will serve as managing director at Wealth Enhancement Group. As part of the transaction, the practice will be moving its brokerage assets to LPL Financial.
“Since my father started the firm four decades ago, we have taken pride in serving generations of families here in the Carolinas and building close relationships with them,” said Kristopher Carroll. “Looking forward, our top priority will continue to be serving our clients with integrity, and we firmly believe that joining Wealth Enhancement Group will enable our team to grow and develop in ways we could not have otherwise done.”
Andrew is half-human, half-gamer. He’s also a science fiction author writing for BleeBot.