Wealth Enhancement Group, an independent wealth management firm that oversees $9.6 billion in client assets, has signed a definitive agreement to purchase Summit Planning Group, a fee-based independent financial advisory practice located in Green Bay, Wisconsin. Financial terms were not disclosed.
Founded in 2000, Summit Planning Group provides independent financial guidance to approximately 980 families through a fee-based model. The firm oversees more than $500 million in client assets and is the second acquisition by Wealth Enhancement Group in Wisconsin in a nine-month period. The transaction is expected to close in April 2019.
“We are very pleased to bring Summit Planning Group on board as we pursue our strategic goal of establishing multi-billion-dollar asset levels in each area where we develop a footprint,” said Jeff Dekko, chief executive officer of Wealth Enhancement Group. “We have a strong pipeline of future acquisitions and are bullish on our growth strategy for the rest of 2019. We are confident that both we and Summit will continue to experience strong success in the Green Bay market.”
In addition to acquiring nine independent wealth management firms in the last five years, Wealth Enhancement Group said that it also saw organic growth of more than $1 billion per year in both 2017 and 2018.
The firm’s other recent acquisitions include Summit Wealth Advisors (Chicago) acquired in 2013; HHG & Company (Darien, Connecticut) and Sound Financial Solutions (Houston) in 2016; CLA Financial Advisors (Chicago) and CPA Retirement Planning (Jacksonville) in 2017; and Cimino Wealth Advisors (Clinton, Wisconsin), Retirement Strategies Inc., (Jacksonville), OneSource Retirement Advisors (Philadelphia) and GDM Advisory Group (Philadelphia) in 2018.
Wealth Enhancement Group is a Greater Minneapolis-based independent wealth management firm offering comprehensive and customized financial planning and investment management services. Founded in 1997 and backed by Lightyear Capital LLC, a private equity firm specializing in financial services investing, the company serves clients in more than 40 states.