Wealth Enhancement Group (WEG) has acquired FinTrust Capital Advisors, a significant registered investment advisory firm in South Carolina, expanding its wealth management footprint with three new offices and 14 additional advisors.
Based in Minneapolis, WEG announced Wednesday that FinTrust, which advises on approximately $2.4 billion in client assets, has joined its growing operation. FinTrust’s latest Form ADV filing reported more than $1.7 billion in assets under management.
This acquisition marks WEG’s 12th transaction of the year, with more deals likely on the horizon. According to a company spokesperson, "The pipeline remains incredibly active for Q4."
FinTrust operates out of its headquarters in Greenville, S.C., with additional offices in Anderson, S.C., and Athens, Ga. WEG already had a presence in South Carolina through its 2021 acquisition of Carroll Financial Associates, which added an office in Rock Hill.
The acquisition of FinTrust, finalized on Sept. 30, increases WEG’s total assets under management to more than $94.7 billion.
FinTrust brings a team of 13 support staff members and is led by Chief Investment Officer Allen Gillespie. Gillespie believes that joining WEG will provide his team with enhanced resources to better serve their clients.
"Our approach to wealth management integrates investment management, advanced financial planning, and tax strategies, all grounded in strong client relationships," says Gillespie. "Partnering with Wealth Enhancement Group enables us to deliver on that promise even more effectively, thanks to their extensive central services network."
FinTrust serves a diverse clientele, including high-net-worth and non-high-net-worth individuals, businesses, charities, and retirement plans.
This deal is part of WEG’s ongoing acquisition strategy. In 2022, WEG completed 13 acquisitions, ranking second in the RIA acquisition space behind Mercer Advisors, according to DeVoe & Co., a consultancy that tracks industry M&A activity. Last year, WEG led the market with 16 acquisitions.
