Wealth Enhancement Group, an independent wealth management firm, has agreed to acquire CLA Financial Advisors, a Northbrook, Illinois-based wealth management firm, for an undisclosed sum.

The deal, expected to be completed in the first quarter of 2017, will add about $200m of assets to Wealth Enhancement Group’s portfolio.

Employees of CLA will move to Wealth Enhancement Group as part of the deal.

Wealth Enhancement Group regional president Kevin Meehan will continue to manage the firm's Chicago operations, while CLA founder Steve O'Hara will work closely with Meehan to support regional development.

Wealth Enhancement Group CEO Jeff Dekko said: "Our national growth strategy is predicated on acquiring complementary partner firms in select markets and using our proven organic marketing programs to further fuel growth.

“The progress of this strategy in our Chicago region is promising, and the acquisition of CLA represents a significant milestone in continuing our success story. We look forward to building on the Chicago region's momentum and expect to surpass $1 billion in client assets in this market in the near future."

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The latest acquisition is the third one announced by Wealth Enhancement Group in 2016. In March, the firm agreed to buy HHG & Company, a Darien, Connecticut-based independent registered investment adviser with about $1.3bn in client assets.

In May, the firm agreed to acquire Houston, Texas-based financial advisory firm Sound Financial Solutions with about $260m in client assets. These two acquisitions have been wrapped up in the third quarter of 2016.