Wealth Enhancement Poaches Two Teams From Shufro Rose
Wealth Enhancement, a registered investment advisor aggregator based in Minneapolis, announced this week it had poached two advisor teams from New York-based wealth manager Shufro Rose, overseeing a total of about $1.3 billion in assets. Shufro Rose had been managing about $2.5 billion in assets before the deals, according to its most recent Form ADV.
The first team, the Shufro-Glass Group, manages over $760 million in client assets and has two advisors and three support staff. It is led by Gregory Shufro, principal and senior financial advisor, and Steven Glass, principal and senior financial advisor. Shufro joined the firm in 2003 and became a partner in 2008. His grandfather, Salwyn Shufro, founded the firm in 1938.
When the deal closes, expected in August, Shufro and Glass will gain equity in Wealth Enhancement, and their firm will take on the RIA’s brand name.
“For 88 years, each generation of leadership has focused on strengthening the firm and ensuring it continues to evolve to meet the needs of clients,” Shufro said in a statement. “Our decision to join Wealth Enhancement reflects that same commitment, giving us access to the scale and infrastructure of a nationally recognized firm while preserving the relationship-driven approach that clients value most.”
Nesvold Capital Partners advised the Shufro-Glass Group on the move.
The second team to depart Shufro Rose for Wealth Enhancement is the Kaminsky-Silverman Group, which managed more than $554 million in client assets with two advisors and two support staff.
Tonia Kaminsky, principal and senior financial advisor, and Barbara Silverman, senior financial advisor, will assume the Wealth Enhancement brand name when the deal closes, also expected in August. The duo will also be equity holders in the larger RIA.
DeVoe & Company advised the Kaminsky-Silverman Group on the transaction.
The remaining advisors at Shufro Rose did not immediately respond to a request for comment on whether the firm would be changing its umbrella name. The Contant-Leit Group and the Wacht Group are still with the RIA, according to its website.
When the deals are complete, Wealth Enhancement will be overseeing a total of $158 billion in client assets. The acquisitive firm is majority-owned by private equity firms TA Associates and Onex Corporation, and is led by CEO Jeff Dekko.
