Wealth Enhancement Group and Steward Partners have each completed acquisitions that add a combined $768 million in client assets, continuing the consolidation trend across the registered investment advisor space.
Wealth Enhancement announced the acquisition of Lake Tahoe Wealth Management, an independent RIA based in California with approximately $318 million in client assets. The deal closed on April 30 and brings a five-person advisory team led by CEO Debbie Grose into the firm. Lake Tahoe Wealth Management, founded in 2014, focuses on long-term planning for business owners, professionals with equity compensation, and retirees. The team will integrate into Wealth Enhancement's platform while continuing to serve its existing clients.
“We're drawn to firms that bring strong planning capabilities and help clients make confident decisions about their future, and Debbie and her team do that every day,” said Jeff Dekko, CEO of Wealth Enhancement. “Their 'planning for possibilities' mindset reflects a personal approach to advising, guiding clients through financial complexity and the life decisions that come with it.”
Separately, Steward Partners acquired Jazz Wealth, a Tampa Bay-area firm managing roughly $450 million in client assets and serving approximately 3,500 clients. The acquisition marks Steward's entry into Florida's Gulf Coast region. Jazz Wealth, previously custodied with Goldman Sachs, will continue that relationship through Goldman Sachs Advisor Solutions. The firm will maintain its brand identity while leveraging Steward's national platform and operational support.
Jazz Wealth's team includes wealth advisors Dustin Tibbitts, Eric Powell, Haley McKay-Daily Tibbitts, and Christopher Klenk. The firm is known for its digital engagement and broad client reach, which Steward Partners highlighted as a key differentiator.
“Most firms in this industry are still fighting over the same slice of the pie,” said Scott Danner, Chief Growth Officer at Steward Partners. “Jazz went out and found a different pie entirely. They've built a practice that's younger, broader, and more digitally engaged than almost anything we've seen at this level—and they've done so without compromising their quality of service. Bringing them into the Steward family wasn't a hard call. This is exactly what the M&A Channel was built for.”
The deals underscore the ongoing consolidation in the wealth management industry, as firms seek to expand their geographic footprint and add scale. For context, Creative Planning recently acquired MarkhamNorton to expand its tax and advisory services in Southwest Florida, while Modera Wealth acquired NorthStar Financial, adding $311.6 million in Florida assets.
Wealth Enhancement, which has been an active acquirer, now oversees more than $80 billion in client assets. Steward Partners, backed by Goldman Sachs, continues to build its national presence through strategic acquisitions like Jazz Wealth.
