Wealth Enhancement Group, an independent wealth management firm that oversees $10.4 billion in client assets, has signed a definitive agreement to purchase Wiley Group, an independent financial advisory practice located in West Conshohocken, Pennsylvania with more than $300 million in client assets. The transaction is expected to close in June 2019.
Wiley Group provides fee-based independent financial advice to approximately 450 households, with a focus on financial planning. The firm, founded in 2009, is led by Jim Wiley and Don Riley, and will bring all 10 of its employees to Wealth Enhancement Group.
“This announcement aligns perfectly with our strategy of developing substantial scale in each market where we operate, and we are thrilled to have the opportunity to bring a top-quality team like Wiley Group onboard,” said Jeff Dekko, chief executive officer of Wealth Enhancement Group. “As we have continued to expand over the past six years, we have rigorously sought out exceptional partners to help us establish our presence as a national wealth management and financial planning brand.”
Wealth Enhancement Group noted that it has experienced organic growth of more than $1 billion per year in both 2017 and 2018.
With the Wiley Group acquisition, Wealth Enhancement Group now has three offices in the Philadelphia area. The firm has made 11 acquisitions since 2013, including 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; Cimino Wealth Advisors (Clinton, Wisconsin), Retirement Strategies Inc., (Jacksonville), OneSource Retirement Advisors (Philadelphia) and GDM Advisory Group (Philadelphia) in 2018; and Summit Planning Group (Green Bay, Wisconsin) earlier this year.
Financial terms were not disclosed.
Wealth Enhancement Group is a Greater Minneapolis-based independent wealth management firm offering financial planning and investment management services nationwide. Founded in 1997 and backed by Lightyear Capital, LLC, a private equity firm specializing in financial services investing, Wealth Enhancement Group serves clients in more than 40 states.