Wealth Enhancement Group has agreed to acquire Macro Consulting Group (Macro), an independent hybrid registered investment adviser (RIA) based in New Jersey.

The financial terms of the deal were not disclosed.

The RIA focuses on providing wealth management and financial planning services to affluent retirees and high-net worth individuals. It manages more than $900m in client assets.

Wealth Enhancement Group CEO Jeff Dekko said: “Macro’s nearly 30-year history of helping clients address risk and build wealth is a natural cultural fit with our firm, and I look forward to supporting their team as we work together to continue to grow our footprint in the critically important Tri-State area.

“We and our capital partner, TA Associates, continue to be fully focused on executing our growth strategy by accelerating our pace of acquisitions across the country, as well as by promoting organic growth.”

As part of the deal, the 24-member Macro team will join Wealth Enhancement Group.

The deal will close on 1 July 2021. Once it completes, Wealth Enhancement Group’s total client assets will cross $35.5bn.

Macro founder Mark Cortazzo said: “Over the past three decades, our successful approach to managing risk has helped us establish Macro Consulting Group as a trusted long-term partner to the clients we serve.

“In looking ahead to the next stage in our growth story, we could not have found a better partner than Jeff Dekko and his team at Wealth Enhancement Group.

“We are extremely proud of the nationally recognized practice we have built in the Tri-State area, and we are confident that the technical, back office and consulting support we will receive from Wealth Enhancement Group will empower our continued growth as we seek to further elevate the client service experience we provide.”

Recently, Wealth Enhancement Group also announced the acquisition of $1.46bn RIA Hoover Financial Advisors.