Wealth Enhancement Group adds firm, tops $90B AUM; athletes who became financial advisors; spotting red flags of trafficking, coerced labor
Financial Planning
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INDUSTRY NEWS: Wealth Enhancement Group is pushing its assets under management above the $90 billion mark with the purchase of a hybrid firm.
Wealth Enhancement Group, a private equity-backed aggregator in Minneapolis, announced Thursday that it's buying Philadelphia-based Levy Wealth Management Group for an undisclosed amount. Levy Wealth's $1.3 billion in assets under management will push Wealth Enhancement's total AUM to $90.5 billion. Wealth Enhancement Group is one of the private equity-supported firms driving many of the mergers and acquisitions that have become prevalent in the financial planning industry.
PROFESSIONAL DEVELOPMENT: Professional athletes often have a short window to capitalize on their hard work on the field. But when their playing days are over, they still have the rest of their professional lives to consider. Many former athletes have found a rewarding second career as a financial advisor or other financial work.
One such professional transition came to fruition this week as Shreveport, Louisiana-based WFA - Plan Invest Inspire, which is affiliated with RFG Advisory, announced the addition of recently retired Cincinnati Bengals safety Brandon Wilson. The conversion from seven years in the NFL to financial work was challenging, Wilson said. He struggled with what to do after retiring. But what ultimately motivated him to pursue a new career was a desire to impart financial literacy to other athletes.
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PRACTICE MANAGEMENT: Financial advisors who learn more about the extent and effects of human trafficking can provide crucial services and aid to survivors and victims of a disturbingly rising type of crime in the U.S.
As prosecutions for forced labor and sexual coercion climb alongside what an expert describes as only marginal progress toward the level of awareness that is necessary to confront the problem, planners who embrace the profession's call to serve pro bono clients can tap into educational resources on how to assist survivors and spot the red flags. Experts from Empowered Network (formerly Empower Her Network) and Savvy Ladies weigh in.
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