Wealth Enhancement Group acquires CJM Wealth Management
Wealth Enhancement Group, an independent wealth management firm that oversees USD19.4 billion in client assets, has acquired CJM Wealth Management, a hybrid registered investment adviser (RIA) based in Deer Park, New York, with more than USD440 million in client assets.
Financial terms of the transaction, which closed on 1 September, have not been disclosed.
The acquisition gives Wealth Enhancement Group a third location in the strategically important state of New York and fifth in the Tri-State area, which encompasses the New York City area and includes portions of Connecticut, northern New Jersey and Long Island, where CJM Wealth Management is located. The move demonstrates Wealth Enhancement Group’s ongoing focus on executing its strategy of building significant scale in strategic locations as it continues to solidify its position as a leading national wealth management and financial planning brand.
CJM Wealth Management has six employees, including two financial advisors, CEO and Founder Charles Massimo and Managing Director Peter Anastasian. Founded in 2003, the practice provides planning- centric, wealth management for individuals and families as well as 401(k) plan management. Its advisors have a long track record of working with physicians, and the practice plans to expand its presence in the Tri-State region by adding additional growth-oriented advisors going forward.
Jeff Dekko, Chief Executive Officer of Wealth Enhancement Group, says: “Charles Massimo, Peter Anastasian and their team have developed a strong practice over the years with a loyal client base in a highly competitive, growing market, and we look forward to supporting them as we work together to expand their service offering to clients and accelerate growth. CJM Wealth Management’s client-centred team approach and robust financial planning skills are perfectly aligned with the culture we have built at Wealth Enhancement Group, and we are thrilled to bring them on board as we bolster our presence in the New York metro area.”
Massimo says: “Wealth Enhancement Group has a tremendous reputation in the wealth management industry as a company whose infrastructure, technology and growth platforms are second-to-none when it comes to empowering financial advisory practices. Based on their track record of providing value to clients, strong operating platform and history of growth, we decided that joining them under the Wealth Enhancement Group umbrella was the best strategic decision for us and our clients.”
Anastasian adds: “Our mission is to serve as a trusted advisor and advocate to our clients as they pursue their financial goals, and Wealth Enhancement Group is a strong ally in this effort. We relish the opportunity to collaborate with the outstanding team there for years to come.”
CJM Wealth Management is Wealth Enhancement Group's 33rd office nationwide and its fifth office in the Tri-State area. CJM Wealth Management was represented by Park Sutton Advisors.