Wealth Enhancement is the latest financial services firm to announce expansion in North Texas, having purchased Dallas-based Fuller Wealth Management LLC.
On March 28, Plymouth, Minnesota-based Wealth Enhancement Group LLC announced the purchase of Fuller, a registered investment advisor that operates under the name XO Wealth Management. With the acquisition, Wealth Enhancement expands its presence in the city and welcomes over half a billion dollars in new client assets under its umbrella.
XO currently employs six people in Dallas and manages $516 million in client assets. Alongside its existing client assets in the region, Wealth Enhancement will now manage roughly $827 million in assets in Dallas.
Wealth Enhancement is a massive financial services firm with 1,693 employees and nearly $108 billion in assets under management. The firm delivers financial planning and investment services across its 146 U.S. offices.
XO focuses on financial planning, wealth preservation, and risk management for high- and ultra-high-net-worth clients. Advisors previously employed by XO will be incorporated into Wealth Enhancement.
Texas, especially Dallas, continues growing its reputation as a premier financial hub.
The Texas Stock Exchange is expected to debut its first trades as early as this year, and Nasdaq Inc. recently announced its plans to open a new regional headquarters in the Big D, as recently reported in The Dallas Express.
“Since 2016, the XO Wealth Management team has shown an unwavering commitment to helping their clients pursue their financial goals. We are honored that XO Wealth Management has chosen to partner with Wealth Enhancement to further grow their practice,” said Wealth Enhancement CEO Jeff Dekko in a March 28 press release.
Matthew Fuller, Founder & Managing Director of XO Wealth Management, said the investment advisor is “excited” to join Wealth Enhancement.
“We are excited to team with Wealth Enhancement, a nationally recognized firm in the industry. Joining forces allows us access to resources that will enable us to expand the capabilities we can offer to our clients,” he said.
In an interview, Jim Cahn, chief strategy officer of Wealth Enhancement, said that with XO now on the team, the company hopes to hire additional advisors in DFW and expand deal activity. He predicts the company’s market assets could grow considerably from the less than one billion dollars managed today.
“Honestly, until you get to $20-$25 billion, you haven’t scratched the surface… It sounds like a huge number, but when you think about the households there, that’s the opportunity. It’s not 10 times [growth], it’s 20 times or 30 times,” said Cahn, per DBJ.