Wealth Enhancement Group has agreed to buy Planning Solutions Group, a Maryland-based IFA, for an undisclosed sum.

Planning Solutions serves HNWIs, business owners, executives, and retirees and employs 28 staff.

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Apart from Maryland, the business also has presence in Virginia.

Planning Solutions managing partner Robert Carson said: “We believe in building long-term relationships with our clients rather than shooting for short-term gains.

“When we first began discussions with Wealth Enhancement Group, we were gratified to know that Jeff and his team believe the same.”

The deal, expected to complete on 1 August 2019, will offer Wealth Enhancement its first location in the Baltimore/Washington D.C. region.

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Wealth Enhancement also has branches in Connecticut, Florida, Iowa, Illinois, New York, Pennsylvania, Texas, Wisconsin, and Minnesota that serves as its base.

The transaction will add over $1.3bn in assets to Wealth Enhancement’s $11.3bn portfolio.

Wealth Enhancement CEO Jeff Dekko said: “At Wealth Enhancement Group, we are trying to build substantial operational scale, both nationally and in each market we serve.

“The addition of a business such as Planning Solutions Group helps us immensely along the way to that goal.

“When we seek out firms to partner with, we are looking for exceptional partners who will help us grow our presence as a nationally respected wealth management and financial planning brand. Planning Solutions Group more than fits the bill in this respect and we look forward to great things as we work with them in the future.”

Earlier this year, Wealth Enhancement announced the acquisitions of Summit Planning Group and Wiley Group.