Wealth Enhancement Group Adds $1.3 Billion Indie Hybrid
Wealth Enhancement Group continues expanding its business through aggressive acquisitions, most recently adding a hybrid independent financial advice practice in Maryland, Wealth Enhancement says.
Fulton, Md.-based Planning Solutions Group also has an office in Virginia Beach, Va., and its 15 financial advisors oversaw around $1.3 billion as of the end of April for high net worth investors, business owners, executives and retirees, according to a press release from Wealth Enhancement.
The companies didn’t disclose the financial terms of the deal, which is expected to close August 1, according to the press release.
“We believe in building long-term relationships with our clients rather than shooting for short-term gains. When we first began discussions with Wealth Enhancement Group, we were gratified to know that Jeff [Dekko, Wealth Enhancement’s CEO] and his team believe the same,” Robert Carson, managing partner at Planning Solutions, says in the press release. “With that alignment in place, along with the scale and efficiencies we stand to gain, there was no question in our minds that joining the Wealth Enhancement Group was the best way to go, for our clients and for PSG."
The addition of PSG marks Wealth Enhancement’s first location in the Washington/Baltimore area, and is also the company’s 12th acquisition since the end of 2013, according to Wealth Enhancement, which was founded in 1997 and is backed by private equity outfit Lightyear Capital.
Earlier this year, Wealth Enhancement acquired Summit Planning Group in Green Bay, Wis., and Wiley Group in West Conshohocken, Pa., Wealth Enhancement says. As of the end of April, the company oversaw around $11.3 billion for clients in more than 40 states, according to the press release.