Wealth Enhancement Expands with Acquisition of Wealth Services Division from First International Bank

Wealth Enhancement Expands Through Major Acquisition

In a significant move in the wealth management sector, Wealth Enhancement has announced its acquisition of the Wealth Services Division from First International Bank & Trust. This partnership is particularly notable as it marks Wealth Enhancement's entry into North Dakota, vastly expanding its geographical footprint. The acquisition will see the Wealth Services team managing over $581 million in client assets as they transition to become part of Wealth Enhancement Trust Services, LLC.

Background on Wealth Enhancement

Founded with a vision to enrich clients' lives, Wealth Enhancement is an independent wealth management firm renowned for its innovative approach to personalized financial planning. With a history dating back to 1997, the firm has evolved into a leader in providing tailored investment management and financial planning services across its 146 offices in the United States.

Wealth Enhancement's commitment to personalized service continues to attract new clients. As of February 2025, the firm manages an impressive $107.5 billion in client assets. The acquisition of the Wealth Services Division from First International Bank signals an ongoing commitment to expand its service offerings and client base.

The Acquired Division: Services and Reach

The Wealth Services Division specializes in essential services, including personal trust, estate planning, and comprehensive asset management solutions such as mineral management, investment management, and farmland management. Although headquartered in Watford City, North Dakota, its expertise is in demand across multiple states, including Arizona, Minnesota, and South Dakota.

This facility allows Wealth Enhancement to further enhance its wealth management offerings at a critical time when clients are increasingly seeking holistic management services, illustrating the firm's proactive stance in meeting changing market demands.

Leadership Statements

Jeff Dekko, CEO of Wealth Enhancement, expressed enthusiasm about the merger, stating, "We are excited to announce our partnership with the Wealth Services Division of First International Bank & Trust. As clients increasingly seek expanded wealth management offerings, our firm remains committed to evolving and expanding our services to meet their needs."

From the perspective of First International Bank & Trust, CEO Peter Stenehjem echoed these sentiments, emphasizing the importance of shared values and commitment to client-centric service in choosing Wealth Enhancement as their partner. He stated, “Wealth Enhancement's client-centric philosophy will enhance the services available to our clients while enabling us to remain focused on our core banking capabilities.”

Strategic Implications

As Jim Cahn, Chief Strategy Officer of Wealth Enhancement noted, “Trust services are a critical component of being a true family office. This acquisition will strengthen our capabilities, especially for our largest multi-generational family relationships.” The move represents a strategic expansion, increasing its presence to 34 states across the nation.

The acquisition was facilitated by MarshBerry, an investment banking and consulting firm, demonstrating the robust interest surrounding financial advisory firms looking to expand their service ranges and geographic outreach.

Conclusion

With the successful acquisition of the Wealth Services Division, Wealth Enhancement is set to enhance its client offerings significantly and establish a key presence in North Dakota's wealth management landscape. The firm not only aims to preserve existing client relationships but also to attract new clients seeking reliable and comprehensive financial services. As they proceed with this acquisition, Wealth Enhancement is poised for a future of growth and expanded service delivery that aligns with evolving market needs.

For more information about Wealth Enhancement and their wide array of financial services, visit Wealth Enhancement’s website.