Wealth Enhancement Group is set to acquire Philadelphia-based independent hybrid registered investment adviser (RIA) Hoover Financial Advisors (HFA).

The financial terms of the deal were not disclosed.

Launched in 2005, HFA offers financial planning services, investment management and insurance solutions to retirees, pre-retirees and other individuals.

The company manages around $1.46bn in client assets.

As agreed, the entire HFA team of 26 individuals will also join Wealth Enhancement Group.

Wealth Enhancement Group CEO Jeff Dekko said: “HFA’s holistic approach to addressing clients’ long-term planning needs – with a particular focus on financial planning – serves as a powerful example of the right way to foster meaningful, lifelong client relationships.

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“We look forward to working with the talented team from HFA to accelerate their growth by leveraging our centralised wealth management, back office and technology platforms.”

HFA founder and CEO Peter K. Hoover said: “Our team sought a strategic partnership that would expand our services and enable our professionals to spend more time with our growing client base, and – with Wealth Enhancement Group’s robust centralised back office and portfolio management resources – this new relationship puts us in the perfect position to do just that.

“This transaction allows us to move forward in a business-as-usual manner, while significantly enhancing our technological capabilities and expanding our team-based approach to client service.”

The deal is expected to close on 1 July.

Once it closes, Wealth Enhancement Group’s total client assets will cross $34.6bn.

In March, Wealth Enhancement Group bought Boston-Based RIA North American Management (NAM).