Wealth Enhancement Group, an independent wealth management firm in Minneapolis, has agreed to acquire HHG & Company, a wealth management firm based in Connecticut with over $1bn in assets under management.

The acquisition will enable Wealth Enhancement to expand into new markets and is part of the company’s long-term strategic plan of building a top national wealth management and financial planning brand.

The deal is scheduled to close in the second quarter of 2016. Financial terms of the transaction were not disclosed.

Additionally, the deal will allow Lightyear Capital-backed Wealth Enhancement Group to further expand its footprint in the Northeast.

Following the acquisition, all of HHG’s existing staff will remain with Wealth Enhancement and HHG will continue to be headed by George Stapleton, who has been named regional president.

Founded in 1997, Wealth Enhancement Group supports the retail mass affluent and affluent investors by providing investment and financial planning expertise and resources.

Wealth Enhancement provides wealth management services to more than 10,000 households in more than 40 states, with almost $4.5bn in brokerage and advisory assets.

Wealth Enhancement CEO Jeff Dekko said: "We are thrilled to partner with the exceptionally talented HHG team to extend our growth strategy to the northeastern United States.

"This strategic acquisition, coupled with Wealth Enhancement Group’s successful organic growth programs, marks another important step toward our ongoing goal of building a leading national wealth management and financial planning brand.

"Our strategy is to recruit likeminded firms who believe in using proven channels to maximize their ability to help clients, and to help them grow through our commitment to teamwork and comprehensive financial planning."

Lightyear managing partner Mark Vassallo said: "The partnership with HHG further expands the firm’s presence and we look forward to working with the management team to further grow the business."