Wealth Enhancement Group, an independent wealth management firm that oversees $11.3 billion in client assets, has agreed to purchase Planning Solutions Group LLC, a hybrid independent financial advisory business based in Fulton, Maryland with more than $1.3 billion in combined client assets. The transaction is expected to close August 1, 2019. Financial terms were not disclosed.
Planning Solutions Group, which also has an office in Virginia Beach, Virginia, has 28 employees including 15 financial advisors, and focuses on developing innovative concepts for wealth creation and preservation to suit the needs of business owners, executives, retirees and high-net worth individuals.
The acquisition marks Wealth Enhancement Group’s first location in the Baltimore/Washington D.C. area and its twelfth acquisition since the end of 2013.
“At Wealth Enhancement Group, we are trying to build substantial operational scale, both nationally and in each market we serve,” said Jeff Dekko, chief executive officer of Wealth Enhancement Group. “The addition of a business such as Planning Solutions Group helps us immensely along the way to that goal.”
Wealth Enhancement Group said that its total client assets grew organically by more than $1 billion per year in both 2017 and 2018. It has been active in acquisitions as well, bringing aboard 11 other practices since the end of 2013.
The firm’s 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; 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) and Wiley Group (West Conshohocken, Pennsylvannia) earlier this year.
Wealth Enhancement Group is a Greater Minneapolis-based independent wealth management firm offering comprehensive and customized financial planning and investment management services nationwide. The firm was founded in 1997 and is backed by Lightyear Capital LLC, a private equity firm specializing in financial services investing.