Wealth Enhancement expands national reach with Marcum Wealth acquisition

Wealth Enhancement, a leading independent wealth management firm, has announced its plans to acquire Marcum Wealth, a registered investment advisor (RIA) based in Cleveland, Ohio. The transaction, which is expected to close in May 2025, will add $4.3 billion in client assets to Wealth Enhancement’s growing portfolio, which currently stands at $107.5 billion.

This move marks another step in the firm’s aggressive expansion strategy, reinforcing its position as a key player in the evolving RIA market. The Marcum Wealth acquisition highlights a growing trend in the industry, where independent RIAs are consolidating to strengthen their capabilities and expand their national reach.

Why Is Marcum Wealth a Strategic Fit for Wealth Enhancement?

Founded in 2006, Marcum Wealth has built a reputation for providing comprehensive financial planning services tailored to high-net-worth individuals, multi-generational families, and business owners. With its roots in an accounting-focused environment, the firm has developed specialized expertise in tax-efficient wealth management, estate planning, and business succession strategies.

Wealth Enhancement’s CEO, Jeff Dekko, emphasized that the Marcum Wealth acquisition aligns with the firm’s long-term vision of expanding its capabilities in advanced financial planning. He noted that Marcum Wealth’s experience working within an accounting firm setting brings a valuable dimension to Wealth Enhancement’s service offerings, particularly in serving business owners with complex financial needs.

Marcum Wealth CEO, Eric Wulff, highlighted that joining Wealth Enhancement will provide additional resources and technology to better serve its clients while preserving its commitment to personalized wealth management. He stated that this decision was driven by a shared dedication to putting clients’ interests first and ensuring continuity in high-touch financial advisory services.

How Does This Deal Reflect the Broader Independent RIA Merger Trend?

The wealth management industry has seen an increasing number of mergers and acquisitions as independent RIAs seek scale, efficiency, and enhanced service capabilities. The shift is driven by several factors, including rising regulatory compliance costs, the need for advanced financial technology, and a growing demand for comprehensive wealth solutions among high-net-worth clients.

In recent years, Wealth Enhancement has pursued an aggressive expansion strategy, acquiring multiple independent advisory firms to bolster its national presence. The firm’s latest move underscores the competitive nature of the industry, where firms are consolidating to stay ahead in a rapidly evolving financial landscape.

For Marcum Wealth, the acquisition represents an opportunity to leverage Wealth Enhancement’s operational infrastructure, investment resources, and cutting-edge financial planning tools. The integration is expected to enhance client services while allowing Marcum Wealth advisors to focus on tailored financial strategies rather than administrative burdens.

What Will This Acquisition Mean for Clients and Investors?

The Wealth Enhancement deal is expected to bring significant benefits to clients by expanding the range of available services and investment options. The combined expertise of both firms will strengthen their ability to provide customized wealth strategies, particularly in areas such as estate planning, tax optimization, and business succession planning.

Jim Cahn, Chief Strategy Officer at Wealth Enhancement, emphasized that the deal will also allow the firm to expand into new geographic markets, particularly in Cleveland and the surrounding Midwest region, where Marcum Wealth has a well-established presence.

Industry analysts suggest that this independent RIA merger may serve as a blueprint for other mid-sized advisory firms seeking to scale operations while maintaining a client-first approach. The trend of consolidation is expected to continue, particularly among firms looking to compete with larger, technology-driven financial institutions.

How Is Wealth Enhancement Positioned for Future Growth?

Wealth Enhancement has steadily expanded its national footprint since its founding in 1997, growing into a firm with 146 office locations across the United States. With its focus on high-net-worth clients and complex financial planning needs, the firm has differentiated itself in a competitive wealth management market.

Wealth Enhancement operates under Wealth Enhancement Advisory Services, LLC (WEAS), a registered investment advisor, with certain representatives also affiliated with LPL Financial, which holds $4 billion in brokerage assets. As of February 28, 2025, the firm’s total client assets stood at $107.5 billion, a figure set to grow further once the Marcum Wealth acquisition is finalized.

Industry experts note that Wealth Enhancement’s expansion strategy is in line with broader industry trends, where independent RIAs are moving towards larger, integrated advisory platforms to remain competitive. This trend reflects the increasing complexity of wealth management and the demand for comprehensive, one-stop financial solutions among affluent clients.

What Are the Market Implications of the Wealth Enhancement Deal?

Although Wealth Enhancement is privately held, its continued expansion through RIA acquisitions signals a broader shift in the wealth management industry. Market observers suggest that investors in publicly traded financial services firms may watch such consolidation trends closely, as they reflect the increasing competition between independent RIAs and large financial institutions.

While some high-net-worth clients prefer boutique advisory firms, others are drawn to larger RIAs with extensive resources. The Marcum Wealth acquisition positions Wealth Enhancement to cater to both segments, offering personalized advisory services while leveraging its scale to provide cutting-edge financial planning technology.

As the deal moves towards completion, industry analysts will likely monitor how Marcum Wealth’s integration unfolds and whether Wealth Enhancement pursues further RIA mergers to sustain its growth trajectory.