The acquisition brings Wealth Enhancement Group’s total client assets to more than $46bn. Credit: Pete Linforth from Pixabay.

Wealth Enhancement Group (WEG) has acquired California-headquartered hybrid RIA Walnut Creek Wealth Management.

The financial terms of the transaction were not disclosed.

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The acquired outfit has three financial advisors and manages around $1bn in total client assets.

Walnut Creek specialises in financial planning, wealth management and asset management for corporate executives, physicians, single, divorced and widowed women, and business owners.

In addition, the firm offers qualified retirement plan support for small- and medium-size businesses.

Walnut Creek is currently doing business as the Walnut Creek Team at Wealth Enhancement Group. As part of the transaction, the practice will transition its brokerage assets to LPL Financial.

The Walnut Creek acquisition is WEG’s 12th transaction this year. The deal increases the firm’s total client assets to more than $46bn.

It also strengthens WEG’s Northern California Practice with the addition of a fourth location.

Earlier this year, the firm acquired Pillar Pacific Capital Management, with offices in San Marino and Pacifica and Los Angeles-based Oakwood Capital Management.

Commenting on the latest deal, Wealth Enhancement Group CEO Jeff Dekko said: “The West Coast is a prime focus for us as we continue to expand our financial-planning based approach to client service, which is undergirded by the strategic investments we have made in process and technology, as well as the scale we have built on both local and national levels.”

Walnut Creek CEO and principal Bernard Smit added: “Partnering with Wealth Enhancement Group – with its comprehensive scale, resources and support – will unlock new capabilities for our practice, while also enhancing our ability to provide our clients the attentive, independent advice they have come to expect from us.”

Last month, WEG secured a new equity investment from Onex Partners V and certain Onex co-investors, including Onex Corporation.