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Wealth Enhancement Group Acquires $500M Indie Practice

By Alex Padalka January 25, 2019

Wealth Enhancement Group’s acquisition streak continues with the addition of an independent advice practice in Wisconsin, the company says.

The company has signed a definitive agreement to acquire Green Bay, Wis.-based Summit Planning Group, according to a press release from Wealth Enhancement.

The fee-based practice, founded in 2000, manages more than $500 million for around 980 families, Wealth Enhancement says.

“From the beginning of our firm, we have always focused on doing the right thing for our clients to help them pursue their dreams. Our reason for partnering with Wealth Enhancement Group is no different,” Larry Lindsley, one of the four founders of Summit, says in the press release. “Joining Wealth Enhancement Group gives us the support we need to help us further build our business, accelerate our growth and strengthen the client experience we provide. We are very excited to have found that partner in Wealth Enhancement Group, and we look forward to becoming part of the team."

The deal, the terms of which the companies didn’t disclose, is expected to close in April, according to Wealth Enhancement.

The recent acquisition expands Wealth Enhancement’s reach in the Upper Midwest region and is part of a “multi-pronged strategy to become a leading national wealth management and financial planning brand through both targeted acquisitions and organic growth,” the company says. It’s also the company’s second acquisition in Wisconsin alone, according to the press release.

During the past five years, Wealth Enhancement has brought on nine independent practices, the company says. This includes OneSource Retirement Advisors and GDM Advisory Group in Pennsylvania, as well as Retirement Strategies in Florida and Cimino Wealth Advisors in Wisconsin, all acquired last year, according to the press release. Wealth Enhancement also experienced organic growth of more than $1 billion annually in 2017 and 2018, the company says.