Wealth Enhancement Group Acquires $500 Million Advisory Firm
Wealth Enhancement Group, an independent wealth management firm that oversees approximately $8.4 billion in total client assets, has acquired Cimino Wealth Advisors, a Wisconsin-based independent financial advisory practice with nearly $500 million in client assets.
Wealth Enhancement Group, an independent wealth management firm that oversees approximately $8.4 billion in total client assets, has acquired Cimino Wealth Advisors, a Wisconsin-based independent financial advisory practice with nearly $500 million in client assets. Financial terms of the transaction were not disclosed.
Founded in 1997 and backed by private equity firm Lightyear Capital LLC, Wealth Enhancement Group serves clients in more than 40 states. The Cimino acquisition marks the first Wisconsin office for the company and expands its footprint across four contiguous Midwestern states — Minnesota, Wisconsin, Iowa, and Illinois — in addition to teams based in Texas, Florida and Connecticut.
Cimino Wealth Advisors is led by Vince Cimino, who has been recognized as one of Barron’s Top Financial Advisors and is a top 1 percent performer for LPL Financial, the nation’s largest independent broker-dealer, with which he will maintain his affiliation.
Cimino will continue to head the Wealth Enhancement Group Wisconsin office as a senior vice president and financial advisor. Previously, he was a founding member and director of the Gateway Community Bank in Roscoe, Illinois and has worked in the field of financial management since 1992.
“We have a strong track record of both organic and acquisition-driven growth and a proven ability to help advisors quickly scale their businesses by leveraging our team-based portfolio management capabilities, financial planning processes and extensive back office resources,” said Jeff Dekko, CEO of Wealth Enhancement Group.
“Vince and his team are emblematic of the type of professionals we seek to bring into the Wealth Enhancement Group community,” added Dekko. “Given our strong client base in Wisconsin, we felt it was high time to establish a physical presence there as well. This partnership is a great fit with our overall expansion strategy, and we are excited to get to work with Vince and his team.”
Established in 1997 and based in Greater Minneapolis, Wealth Enhancement Group offers comprehensive and customized financial planning and investment management services nationwide. Wealth Enhancement Advisory Services is the firm’s registered investment advisor arm.
