Wealth Enhancement Acquires Two RIAs

The acquirer bought RIAs in Maine and Oregon
mergers and acquisitions
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Wealth Enhancement, an independent wealth management firm with $102.1 billion in assets under management, announced two new acquisitions expected to add millions of assets to its practice.  

The firm is acquiring VanceGray Wealth Management, an independent registered investment advisor (RIA) that specializes in working with retirees, seniors, and small business owners. The firm offers investment and asset management, retirement planning, tax strategies, and estate planning.

With locations in Bangor and Ellsworth, Maine, VanceGray employs four advisors, and six support staff oversees and manages over $409 million in client assets. It was founded in 2006 and is led by Vance Gray, Jr., president of the firm.

“By partnering with Wealth Enhancement, we aim to amplify our resources and holistic approach to deliver even greater value to our clients,” said Gray. “We take pride in the relationships we have fostered, and we believe Wealth Enhancement is uniquely positioned to help us nurture and further develop those relationships both now and in the future.”

Jim Cahn, chief strategy officer of Wealth Enhancement, added, “Our partnership with VanceGray Wealth Management marks an exciting new milestone as we establish our first location in Maine and strengthen our foothold in the Northeast. We look forward to our collaboration with Vance and his team, who share our commitment to excellence.”

The news comes as Wealth Enhancement announced its acquisition of another independent RIA in Oregon. Northwest Investment Counselors, headed by Mark Scarlett and Michelle Castano Garcia, works with a team of five advisors and three support staff oversees and manages over $673 million in client assets.

Founded in 1998, Northwest Investment Counselors specializes in investment management, trust services, and financial planning in the Oregon and Washington region.

“The team at Northwest Investment Counselors is highly experienced in their craft of financial planning and investment management,” added Cahn. “We are excited to expand the range of services we can offer to their clients, enhancing the value we provide together.”

Dan Erichson and Matt Kempler of Houlihan Lokey served as financial advisors to Northwest Investment Counselors in the deal, while MarshBerry, an investment banking and consulting firm, represented VanceGray Wealth Management.

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Amanda Umpierrez
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Amanda Umpierrez is the Managing Editor of 401(k) Specialist magazine. She is a financial services reporter with over six years of experience and a passion for telling stories and reporting news. Amanda received her degree in journalism and government and politics at St. John’s University. She is originally from Queens, New York, but now resides in Denver, Colorado with her partner. In her free time, Amanda enjoys running, cooking, and watching the latest drama show.

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