Minnesota-based Wealth Enhancement Group has agreed to acquire GDM Advisory Group, an independent financial advisory firm based in Pennsylvania.
The deal will add $470m in assets to Wealth Enhancement Group’s books.
Wealth Enhancement Group has been on an acquisition spree this year. The latest deal marks the firm’s second acquisition in Pennsylvania in the last two months, the first being the acquisition of OneSource Retirement Advisors.
Wealth Enhancement Group CEO Jeff Dekko said: “Consistent with our strategy of building both national scale and local scale in key markets, we’re pleased to announce this second acquisition in Philadelphia.
“Establishing a critical mass of advisory capabilities and clients in key markets has long been a crucial priority for Wealth Enhancement Group as we seek to build on the five-year momentum of our multi-faceted growth strategy.”
The deal, whose financial terms were not revealed, is expected to be wrapped up in December this year.
GDM founder Glenn Meyer said: “In seeking a strategic partner, my team and I were not looking to ride off into the sunset. Rather, we were looking for a platform that could help us further elevate our business, fast-track our growth and further strengthen the client experience we provide.
“We are very excited to have found that partner in Wealth Enhancement Group, and we look forward to becoming part of the team.”
GDM, established in 1993, serves around 250 clients using a fee-based model.