Lightyear’s Wealth Enhancement Group to Acquire Another Billion Dollar RIA
Wealth Enhancement Group, an independent wealth management firm that oversees $11.8 billion in client assets, has agreed to acquire AEPG Wealth Strategies, a registered investment advisor business based in Warren, New Jersey
Wealth Enhancement Group, an independent wealth management firm that oversees $11.8 billion in client assets, has agreed to acquire AEPG Wealth Strategies, a registered investment advisor business based in Warren, New Jersey, with more than $1 billion in combined client assets. Financial terms of the transaction, which is expected to close on October 1st, were not disclosed.
AEPG has 27 employees and serves more than 600 advisory and retirement plan clients. The firm offers planning and advisory services to individuals and families, including retirement planning, education planning, investment management, cash flow management and tax strategies.
“Acquisitions of select independent financial advisor businesses support our national growth strategy by bringing in the talented professionals we need to serve a growing client base in diverse geographies…,” said Jeff Dekko, CEO of Wealth Enhancement Group. “AEPG was an ideal candidate due to both its business achievements, and its culture, which has its roots in a passionate belief in doing the best for clients in every engagement.”
Steven Kaye, CEO and founder of AEPG, will continue to lead the firm’s team, as senior vice president and managing director at Wealth Enhancement Group following the closing of the acquisition.
The transaction is the firm’s 13th acquisition over the past six years, and marks Wealth Enhancement Group’s first location in New Jersey.
Last month, the firm announced plans to purchase Planning Solutions Group LLC, a Fulton, Maryland-based hybrid with more than $1.3 billion in client assets. That transaction is expected to close in early August.
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.
