Wealth Enhancement Group, an independent wealth management firm backed by Lightyear Capital that oversees $9.3 billion in client assets, plans to acquire OneSource Retirement Advisors, an independent financial advisory practice with $276 million in client assets based in Malvern, Pennsylvania in the greater Philadelphia metropolitan area. The transaction is expected to close in November 2018.
The group has made seven similar acquisitions in the last five years. The acquisitions include Chicago-based Summit Wealth Advisors 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, Florida in 2017. The firm acquired Cimino Wealth Advisors in Clinton, Wisconsin and Retirement Strategies Inc., also in Jacksonville, earlier this year.
OneSource Retirement Advisors, led by president John O’Brien and vice president Frank Ortner III, currently serves approximately 200 clients from its office in Malvern.
“Wealth Enhancement Group is laser focused on driving growth by partnering with the right types of firms across the country that not only fit our model but are also located in key markets,” said Jeff Dekko, CEO of Wealth Enhancement Group. “Our goal is not to achieve growth for its own sake, but to identify advisors who can derive the greatest possible benefits from what we can deliver to provide a superior service experience to clients in strategic markets and drive strong organic expansion in the years ahead.”
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.