MINNEAPOLIS, July 8, 2021 -- Wealth Enhancement Group, an independent wealth management firm, today announced that it has acquired Oakwood Capital Management, a Los Angeles-based independent RIA with $1.04 billion in total client assets. Upon closing of the transaction, Wealth Enhancement Group's total client assets are expected to exceed $37 billion.*
Founded in 1998 by President and CEO Bruce Mandel, Oakwood Capital Management is Wealth Enhancement Group's second Southern California acquisition, following the addition of Pillar Pacific Capital Management on June 1. Oakwood Capital Management has five financial advisors among its 14 employees, and it specializes in wealth management, investment management, asset management and financial planning for a predominantly West Coast-based book of clients. The practice serves high-net worth professionals, retirees, and younger, tech-savvy clients.
Jeff Dekko, Chief Executive Officer of Wealth Enhancement Group, said, "Bruce Mandel and his team at Oakwood Capital Management have built an excellent wealth management practice in the heart of Los Angeles that still has significant room to grow. With our support, they will be able to streamline their operations and offer an even higher level of service than before, without compromising the personal touch their clients have come to expect. The sky is the limit for Oakwood Capital Management, and we look forward to collaborating closely for years to come."
Jim Cahn, Wealth Enhancement Group's Chief Investments & Business Development Officer, said, "The financial advisors at Oakwood Capital Management provide sophisticated wealth management and financial planning services to their clients, and their proprietary investment management strategies are a true differentiator in the market. We are very excited about putting the resources, technology and experience at Wealth Enhancement Group behind their continued growth."
Upon closing, the practice is called the Oakwood Team at Wealth Enhancement Group, and Mr. Mandel serves as Managing Director.
Mr. Mandel said, "Since we started Oakwood Capital Management more than two decades ago, our mission has been to guide our clients, no matter how far along life's journey they find themselves, in growing and preserving their wealth, with an eye towards helping them achieve their financial and life goals. From the moment we began discussions with Jeff and Jim, it was clear that Wealth Enhancement Group was the strategic partner we were looking for, a firm that would enable us to build upon this vision and offer our clients more value than ever before. This is a new day in Oakwood Capital Management's history, and with Wealth Enhancement Group's support, the future is even brighter."
ECHELON Partners served as the exclusive financial advisor to Oakwood Capital Management in this transaction. Financial terms of the transaction were not disclosed. The transaction closed on June 30, 2021.
About Wealth Enhancement Group
Wealth Enhancement Group is a Greater Minneapolis-based independent wealth management firm offering comprehensive and customized financial planning and investment management services. Founded in 1997, Wealth Enhancement Group serves clients nationwide. Wealth Enhancement Group specializes in providing retail clients with the team-based knowledge and resources they need to simplify their financial life. For more information, please visit www.wealthenhancement.com.
Advisory services offered through Wealth Enhancement Advisory Services, LLC (WEAS), a registered investment advisor. Certain, but not all, investment advisor representatives (IARs) of WEAS are also registered representatives of and offer securities through LPL Financial, Member FINRA/SIPC. Wealth Enhancement Group and Wealth Enhancement Advisory Services are separate entities from LPL Financial. Wealth Enhancement Group is a registered trademark of Wealth Enhancement Group, LLC.
*Wealth Enhancement Group and its Registered Investment Advisor, Wealth Enhancement Advisory Services, had $31.8 billion in client brokerage and advisory assets as of 5/31/2021. Oakwood Capital Management had $1.04 billion in client assets as of 6/30/2021. With the closing of the previously announced transactions closing as by 7/1/2021, along with the acquisition of Oakwood Capital Management, Wealth Enhancement Group has $37.23 billion in client brokerage, advisory and trust assets as of 7/1/2021.
Wealth Enhancement Group is a Greater Minneapolis-based independent wealth management firm offering comprehensive and customized financial planning and investment management services. Established in 1997, Wealth Enhancement Group uses a team approach with a focus on simplifying their clients’ financial lives and has offices nationwide.