Wealth Enhancement Group has acquired California-based $674m hybrid registered investment adviser (RIA) Vivid Financial Management, further advancing its consolidation strategy.

The transaction is expected to close on 31 December 2021.

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The deal, whose financial terms were not disclosed, marks Wealth Enhancement’s 16th acquisition this year and takes its total client assets to $55.02bn.

Founded in 2015, Vivid Financial provides financial planning services, asset management, tax services, estate planning and insurance planning.

The firm caters to a diverse range of clients including multigenerational families, entrepreneurs, executives as well as clients in various industries such as dentists, physicians, educators, engineers and farmers.

It also offers qualified retirement plan support for small business owners.

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With the addition of Vivid Financial’s three locations in Orcutt, Lompoc and Arroyo Grande, Wealth Enhancement will now have seven offices in California.

Wealth Enhancement Group CEO Jeff Dekko said: “Vivid Financial’s outstanding professionals have built a stellar track record of financial-planning-centred client service that has established their bona fides as a high-quality advisory practice.

“The opportunities to grow and provide outstanding advice to clients is unlimited for them as they leverage Wealth Enhancement Group’s technology, experience and resources to hone their capabilities and grow their business.”

Following the closure of the deal, Vivid Financial co-founders Julie Darrah, Brad Boulton, and Tim Miller will join Wealth Enhancement as senior vice-presidents.

Commenting on the deal, Darrah said: “Through the years, our practice has always been guided by our client centric values – our mission is to provide our clients with clarity in their financial plans and confidence to navigate the changes that life will bring in the future.

“That core purpose will only be enhanced as we enter the next phase of our business development, as part of the exceptional team that Jeff and Jim have built at Wealth Enhancement Group.”

In September, Wealth Enhancement purchased Walnut Creek Wealth Management, another California-headquartered hybrid RIA.