Wealth Enhancement has expanded its network by joining forces with Ascent Private Wealth, a hybrid RIA headquartered in Spartanburg, South Carolina.

Ascent manages over $240m in client assets. The business has a team of two advisers and one support staff.

Its addition has increased Minneapolis-based Wealth Enhancement’s total client advisory, trust and brokerage assets to more than $132.7bn.

The business marks the fourth South Carolina site for Wealth Enhancement.

Wealth Enhancement CEO Jeff Dekko said: “Our partnership with Ascent Private Wealth reflects our continued commitment to partnering with firms that share our values and client-first mindset. We’re excited about the depth of knowledge the Ascent Private Wealth team brings, particularly in serving business owners and navigating the complexities of generational wealth.”

Ascent, led by Steve Ford, was established in 2002 to deliver financial planning and investment services, largely to business owners and entrepreneurs.

Ford said: “After months of thoughtful consideration, we determined that Wealth Enhancement was the right strategic partner for our firm. Not only are they an excellent cultural fit, but they also bring the scale, resources, and forward-thinking approach needed to elevate our services to the next level.”

Williams Private Wealth Advisory and Consulting was the adviser to Ascent for the transaction.

Earlier this month, Wealth Enhancement announced the acquisition of independent RIA AEGIS Financial, operating in Oshkosh, Milwaukee, and Appleton in the US state of Wisconsin.

The acquisition added over $468m in client assets to Wealth Enhancement.

Recently, the company also acquired Spectrum Wealth Management, an RIA based in Irvine, California, along with its affiliated certified public accounting firm Putman Group.

The deal added over $182m in client assets to the group, while bringing in a team comprising an adviser, 14 financial professionals, and five support staff.