Wealth Enhancement Group Acquires 10th RIA in 5 Years

Wealth Enhancement Group—the Lightyear Capital-backed wealth administration agency with $9.6 billion in consumer property—introduced that it was buying yet one more agency, its 10th acquisition previously 5 years.

The Minneapolis-based RIA is shopping for Summit Planning Group, a Inexperienced Bay, Wisc.-based agency with 980 purchasers and a few $500 million in property. This makes the second agency Wealth Enhancement Group has made in Wisconsin, after buying the $495 million Cimino Wealth Advisors in Clinton, Wisc., final June.

For Wealth Enhancement, the step is a part of a said technique to “turn out to be a number one nationwide wealth administration and monetary planning model by means of each focused acquisitions and natural development,” the agency stated in a press release. Along with its acquisitions, Wealth Enhancement Group noticed natural development of greater than $1 billion in each 2017 and 2018.

“Establishing a considerable quantity of advisory capabilities and purchasers in key markets has lengthy been a vital precedence,” Jeff Dekko, chief govt officer of Wealth Enhancement Group, stated in a press release.

The principals of Summit Planning plan to stay in place and develop the apply. “In looking for a strategic companion, my companions and I weren’t searching for a short-term exit technique,” stated Summit Planning Group Principal Larry Lindsley. “We've got a powerful ardour for serving our purchasers and plan to take action for years to return.”

Wealth Enhancement Group has been one of many extra aggressive acquirers of RIA corporations over the previous a number of years because it was bought by Lightyear Capital in April 2015 from Norwest Fairness Companions, a Minneapolis-based center market funding agency.

Lightyear Capital’s managing companion Mark Vassallo stated on the time they recognized Wealth Enhancement Group as “a agency that might develop by means of acquisition,” and since then, the agency has been averaging two acquisitions a 12 months in its bid to turn out to be a nationally branded RIA agency.