Wealth Enhancement Group has acquired Maryland-based hybrid RIA Lighthouse Wealth Management, which manages $446m in client assets.
The financial details of the acquisition were not disclosed. The transaction is expected to close on 1 July 2021.
Founded in 1992 by Thomas Kozlowski and Andrew Wilson, Lighthouse has a team of 13 employees, including eight financial advisers.
The outfit offers financial planning, wealth management, and tax services majorly for clients approaching or at retirement.
Lighthouse is expected to expand Wealth Enhancement’s reach in the Mid-Atlantic region by adding over 400 families to its client base in Maryland.
The company’s total client assets are expected to exceed $36bn with the acquisition.
Lighthouse, which will be called Lighthouse Team, will be Wealth Enhancement Group’s third office in the region, after its offices in Fulton and Virginia Beach.
Under the agreement, Kozlowski and Wilson will become senior vice presidents and financial advisors at Wealth Enhancement.
Wealth Enhancement CEO Jeff Dekko said: “When we looked at what Tom, Andy and their team offered their clients, we immediately saw there was a close alignment of their approach with our own financial planning-centric philosophy.
“We are so excited to add such a strong team to the Baltimore/Washington market. The partners’ focus on holistic wealth management aligns with our vision of where the wealth management industry is going.”
Commenting on the deal, Wilson added: “An RIA firm such as ours has fielded more than a few inquiries from potential acquirers over the years.
“We chose Wealth Enhancement Group because its combination of scale, technology and expertise makes them the ideal partner to help us achieve our vision of success. We look forward to this new chapter and all that it will empower us to do in service of our clients.”
Earlier this month, Wealth Enhancement agreed to acquire Macro Consulting Group, an independent hybrid RIA based in New Jersey.