Wealth Enhancement Group has agreed to scoop up Wisconsin-based $320m hybrid RIA Financial Wealth Management.
The latest purchase, whose financial terms were not revealed, will bring Wealth Enhancement Group’s client assets to nearly $26bn.
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Moreover, the deal will enable the company to bolster its reach in the Midwest, with a new location in Wisconsin.
The company currently has offices in Clinton and Green Bay, and will add three offices in Appleton, Milwaukee and Madison with the recently announced acquisition of SVA Financial Group.
Financial Wealth Management caters to individuals and small businesses with services such as retirement and financial planning. It is led by the father-son adviser team of founder Dan Hyland and senior-vice president Kyle Hyland.
Wealth Enhancement Group CEO Jeff Dekko said: “Dan, Kyle and their team are exactly the sort of professionals we relish the chance to work with, and we look forward to supporting them with our centralised wealth management and back office capabilities, as well as our additional strategic growth initiatives.”
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By GlobalDataHyland added: “Wealth Enhancement Group has built a highly respected presence in the wealth management space as a fast-growing, innovative firm that provides industry-leading technology, resources and expertise to support us to better serve our clients.
“We are excited to join the Wealth Enhancement Group team as they share our vision and commitment to client service and will continue to empower us to guide our clients in pursuing their financial goals.”
The deal is expected to close in the fourth quarter of this year.
Wealth Enhancement Group’s growth trajectory in the US
The latest purchase follows the company’s strategy of expanding its presence in key regions across the US.
The firm has been strengthening its position in the wealth management and financial planning space in the country with a slew of acquisitions.
Last month, the firm acquired New York-based independent RIA 10-15 Associates for an unknown sum.
In September this year, the company purchased Deer Park, New York-based hybrid RIA CJM Wealth Management.
In February, it snapped up JOYN Advisors, an Atlanta, Georgia-based RIA.
