Wealth Enhancement Group, an independent wealth management firm backed by Lightyear Capital that oversees $9.7 billion in client assets, plans to purchase GDM Advisory Group, an independent advisory practice located in Fort Washington, Pennsylvania that oversees $470 million in client asset.
This is the second acquisition made by Wealth Enhancement Group in the Greater Philadelphia market in the last two months. The transaction is expected to close in December 2018.
Founded in 1993 by Glenn Meyer, GDM Advisory Group provides independent financial guidance to approximately 250 individuals and families through a fee-based model.
“Establishing a critical mass of advisory capabilities and clients in key markets has long been a crucial priority for Wealth Enhancement Group as we seek to build on the five-year momentum of our multi-faceted growth strategy,” said Jeff Dekko, CEO of Wealth Enhancement Group.
In addition to acquiring eight independent wealth management firms in the last five years, Wealth Enhancement Group also saw organic growth of more than $1 billion in 2017, the company said.
The firm’s other recent acquisitions include Summit Wealth Advisors in Chicago in 2013; HHG & Company in Darien, Connecticut and Sound Financial Solutions in Houston in 2016; and CLA Financial Advisors in Chicago and CPA Retirement Planning in Jacksonville in 2017. Earlier this year, the company acquired Cimino Wealth Advisors in Clinton, Wisconsin, Retirement Strategies Inc. in Jacksonville, and OneSource Retirement Advisors in the Philadelphia metro region.
Financial terms of the transaction were not disclosed.
Wealth Enhancement Group is based in Greater Minneapolis and offers comprehensive and customized financial planning and investment management services nationwide, with offices in Florida, New York, Connecticut, Minnesota, Wisconsin, Iowa, Illinois, and Texas. The firm is backed by Lightyear Capital, LLC, a private equity firm specializing in financial services investing.