Minnesota-based Wealth Enhancement Group has agreed to buy OneSource Retirement Advisors, a Pennsylvania-based independent financial advisory firm, for an undisclosed sum.

OneSource currently tends to around 200 clients from its Malvern office. The company is headed by president John O’Brien and vice president Frank Ortner III.

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“Wealth Enhancement Group, with its exceptional personnel, client service philosophy, and team-based approach to portfolio management, financial planning and operational support, is exactly the partner we were looking for to continue to grow our business and provide our clients with the financial clarity and confidence they deserve,” O’Brien stated.

The transaction, expected to be wrapped up in November this year, will add $276m in assets to Wealth Enhancement Group’s books. As at 31 August 2018, the Minnesota-based firm managed around $9.3bn in assets.

The deal marks Wealth Enhancement Group’s third acquisition in 2018. Earlier this year, the firm announced the acquisitions of Wisconsin-based Cimino Wealth Advisors and Florida’s Retirement Strategies.

Wealth Enhancement Group CEO Jeff Dekko said: “Our goal is not to achieve growth for its own sake, but to identify advisers who can derive the greatest possible benefits from what we can deliver to provide a superior service experience to clients in strategic markets and drive strong organic expansion in the years ahead.

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“With this announcement – our eighth acquisition in recent years – we are confident that we have brought another ideal partner to our platform. We look forward to working with this exceptional team in the years ahead, and to all that we will accomplish together.”