Wealth Enhancement Group to Buy $1.5 Billion Philadelphia-Area RIA
Wealth Enhancement Group, an independent wealth management firm backed by private equity firm TA Associates, has purchased Hoover Financial Advisors.
Wealth Enhancement Group, an independent wealth management firm backed by private equity firm TA Associates, has purchased Hoover Financial Advisors, an independent hybrid registered investment adviser based in the Philadelphia suburb of Malvern, Pennsylvania with nearly $1.5 billion in total client assets.
The entire Hoover Financial Advisors team of 26 individuals, including nine financial advisors and four seasonal tax consultants, will join Wealth Enhancement Group. Upon closing, Wealth Enhancement Group’s total client assets are expected to exceed $34.6 billion.
Peter Hoover, founder and chief executive officer, launched the firm in 2005 to provide comprehensive financial planning services, investment management and insurance solutions to retirees, pre-retirees and other clients. The team also provides education planning, income tax strategy planning, cash flow management, group benefits and tax preparation services.
Financial terms of the transaction, which is expected to close on July 1, were not disclosed.
Founded in 1997, Wealth Enhancement Group is a Greater Minneapolis-based independent wealth management firm offering comprehensive and customized financial planning and investment management services.
