Wealth Enhancement Group, an independent wealth management firm backed by TA Associates that oversees $22 billion in client assets, has agreed to purchase SVA Financial Group, which has 22 financial advisors that collectively oversee $3.2 billion in client assets. Financial terms were not disclosed.
SVA Financial Group, comprised of SVA Wealth Management LLC and SVA Trust Company LLC, offers wealth management, trust and tax planning services to high-net-worth individuals and families, along with investment and 401(k) plan services to small businesses. It is headquartered in Madison, Wisconsin, and has operations in Illinois and South Dakota, where its trust company home office is located.
The SVA Wealth Management transaction is slated to close on December 31, 2020. The acquisition of SVA Trust Company, a company within SVA Financial Group, will officially close in the first quarter of 2021. The acquisition of SVA Financial Group does not affect the SVA Companies’ other business affiliates, the company said.
Based on each firm’s current assets, Wealth Enhancement Group expects to end 2020 with more than $25 billion in client assets.
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.