US-based wealth management firm Wealth Enhancement Group has purchased Titus Wealth Management (Titus Wealth), a hybrid registered investment adviser (RIA), for an undisclosed sum.

Titus Wealth currently operates from three locations in San Mateo, Larkspur and Folsom in California, US.

Founded in 2005, Titus Wealth is headed by its founder and president Eric Aanes. It has a team of eight advisors and five support staff.

Titus Wealth is said to manage over $776m in client assets, of which $202m are brokerage assets supervised by LPL Financial, a separate unit from Wealth Enhancement Group.

The latest deal represents the seventh takeover carried out by Wealth Enhancement Group so far this year and has bolstered its presence in Northern California with eight offices.

Last year in September, Wealth Enhancement Group announced the acquisition of California-based hybrid RIA Walnut Creek Wealth Management, which manages nearly $1bn in total client assets.

Wealth Enhancement Group CEO Jeff Dekko said: “Eric built an impressive firm in nearly two decades providing asset management and financial planning services for pre-retirees and retirees.

“An estimated 75 million people are expected to retire in the coming years and the addition of Titus Wealth means Wealth Enhancement Group will continue to be well-positioned to help these individuals make the transition.”

With the new deal, Eric Aanes and his staff are said to have joined Wealth Enhancement Group.

Aanes said: “Titus Wealth Management provides its clients with realistic and sustainable financial plans to support them as they approach and move into retirement. This honest and direct approach fuelled our rapid growth.

“As we considered the right partner to help us continue our trajectory, Wealth Enhancement Group was clearly the right firm for our clients and our team.”