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Wealth Enhancement Group Partners with Walnut Creek Wealth Management, a Hybrid RIA with Nearly $1 Billion in Client Assets

Wealth Enhancement Group, an independent wealth management firm, announced that it has joined forces with Walnut Creek Wealth Management, a hybrid RIA headquartered in Walnut Creek, Calif., with three financial advisors that collectively oversee nearly $1 billion in total client assets. Walnut Creek is Wealth Enhancement Group’s 12th transaction announced in 2021 and drives the firm’s total client assets to more than $46 billion.

Founded in 1992, Walnut Creek is led by CEO and Principal Bernard Smit and includes Principals Damien Couture and Debbie Pursey, as well as five additional employees. The firm specializes in financial planning, wealth management and asset management for corporate executives; single, divorced and widowed women; physicians; and business owners. Additionally, it offers qualified retirement plan support for small- and medium-size businesses.

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Walnut Creek’s office is Wealth Enhancement Group’s fourth location in California, following its June acquisition of Pillar Pacific Capital Management, with offices in San Marino and Pacifica, and its July acquisition of Los Angeles-based Oakwood Capital Management.

Jeff Dekko, Chief Executive Officer of Wealth Enhancement Group, said, “The West Coast is a prime focus for us as we continue to expand our financial-planning based approach to client service, which is undergirded by the strategic investments we have made in process and technology, as well as the scale we have built on both local and national levels. We are thrilled to bring aboard a team with the level of experience and knowledge that Bernie SmitDamien Couture and Debbie Pursey possess, and we look forward to helping them achieve new levels of growth and efficiency in their business. I have no doubt that we will achieve great things together.”

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Jim Cahn, Wealth Enhancement Group’s Chief Investments & Business Development Officer, said, “Bernie Smit and his team offer a rare combination of sophisticated financial planning, wealth management and asset management experience with an uncanny ability to build long-lasting, trusted client relationships. They are outstanding additions to the Wealth Enhancement Group family, and we are pleased to have them on board.”

After the Sept. 15 close of the transaction, Walnut Creek is doing business as the Walnut Creek Team at Wealth Enhancement Group. Mr. Smit, Mr. Couture and Ms. Pursey serve as Senior Vice Presidents and Financial Advisors. As part of the transaction, the practice will transition its brokerage assets to LPL Financial.

Mr. Smit said, “This is a momentous time in our firm’s history, marking a new chapter for our business. Partnering with Wealth Enhancement Group – with its comprehensive scale, resources and support – will unlock new capabilities for our practice, while also enhancing our ability to provide our clients the attentive, independent advice they have come to expect from us. We believe it’s a win for our team and for those we have the privilege to serve.”

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[To share your insights with us, please write to sghosh@martechseries.com]

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