Wealth Enhancement Group is increasing its Pacific Northwest presence by buying an Oregon-based agency with greater than $673 million in managed property.
Northwest Funding Counselors is an unbiased RIA based mostly in Lake Oswego, Oregon. It’s led by principals and portfolio managers, Mark Scarlett and Matthew Roehr, and Michelle Gastano Garcia, a principal and wealth supervisor.
The agency was based in 1998 and presently contains 5 advisors and three assist workers. It focuses on working with shoppers in Oregon and Washington on funding administration, belief and monetary planning wants.
Wealth Enhancement Group CEO Jeff Dekko stated the acquisition “not solely bolsters our bench of skilled professionals but additionally broadens the scope of providers we provide and allows us to higher serve shoppers within the rising area.”
The Northwest Funding acquisition closed on the final day of 2024, marking WEG’s twenty first closed transaction final yr. The agency presently has 141 workplaces all through the nation.
Final month, LPL Monetary revealed the Minneapolis-based, $102.8 billion WEG would disaffiliate from the dealer/supplier, the place it had operated as an excellent workplace of supervisory jurisdiction for 17 years; the change would take impact on June 30, 2025.
Based on each companies, it was a mutual separation. LPL spokeswoman Jen Roche stated the choice aligned with LPL’s “strategic intent to focus our investments on partnerships that replicate LPL’s mission and working fashions,” whereas a WEG spokesperson stated it was amicable “as every pursues its personal development aims.” In late September, WEG had $4 billion of brokerage property held at LPL.
In an earnings name final July, former LPL CEO Dan Arnold stated a number of OSJ companies have been “strategically misaligned” with LPL’s mission, although he didn’t identify these companies.
In late July, Benefit Monetary Advisors (one other tremendous OSJ for LPL) disaffiliated from the agency and moved its enterprise to PKS Investments. Arnold was later fired for allegedly inappropriate statements in direction of an LPL worker, although the main points haven’t but been launched.