M and A
Deals Of The Day: The Latest In Wealth Management M&A - Wealth Enhancement Group
The latest M&A deals in wealth management across North America.
Minneapolis-based Wealth Enhancement Group, overseeing $9.3 billion in client assets, has agreed to buy Malvern, PA.,-based OneSource Retirement Advisors, with $276 million in client assets.
The move is part of WEG’s intention to be a nationwide wealth management and financial planning business, it said in a statement. The growth strategy of the group, supported by a private equity backer, is based on targeted acquisitions and organic growth, it continued. Last year, it brought in more than $1.0 billion of client inflows.
Other recent acquisitions for Wealth Enhancement Group include Chicago-based Summit Wealth Advisors in 2013; HHG & Company in Darien, Conn. and Sound Financial Solutions in Houston in 2016; and two firms - CLA Financial Advisors in Chicago and CPA Retirement Planning in Jacksonville, Fla. - in 2017. The firm acquired Cimino Wealth Advisors in Clinton, Wis. and Retirement Strategies, Inc., also in Jacksonville, earlier this year.
OneSource Retirement Advisors is led by President John O'Brien,
CFP® and Vice President Frank Ortner III, CPA, PFS. The firm
serves about 200 clients from its office in Malvern.
Financial terms of the transaction were not disclosed. The
transaction is expected to close in November 2018.
Wealth Enhancement Group has offices in Florida, New York, Connecticut, Minnesota, Wisconsin, Iowa, Illinois, and Texas. It was founded in 1997 and backed by Lightyear Capital, LLC, a private equity firm specializing in financial services investing.
