The latest deal marks Wealth Enhancement’s ninth acquisition this year. Credit: Zach9222 from Pixabay.

Wealth Enhancement Group has bought Maryland-based hybrid RIA Serafini Financial Group which manages $853m in total client assets.

The deal, whose financial terms are not known, adds 12 new employees including four financial advisors to Wealth Enhancement and further expands its presence in the Mid-Atlantic states.

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Following the transaction, the group’s total client assets will exceed $39bn.

The acquired entity, founded by Andrew Serafini in 1990, offers financial planning services majorly to pre-retirees and retirees across the tri-state Maryland-Virginia-Pennsylvania region.

As part of the agreement, Serafini will practice under the Wealth Enhancement Group brand, serving clients as senior vice president, Financial Advisor within the firm.

Wealth Enhancement Group CEO Jeff Dekko said that the latest deal would enable the firm to provide enhanced service to clients in the Baltimore-Washington DC region.

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Dekko added: “For more than 30 years, Andrew Serafini and his team have built an excellent reputation for client-centric holistic planning, which perfectly fits our approach to wealth management.

“I am very pleased to welcome Andrew and his entire team to our firm, and we look forward to putting our resources, technology, and scale to work to help them meet and exceed their business goals.”

The latest deal marks Wealth Enhancement’s ninth acquisition this year.

The company said that it has added 38 financial advisors and more than $6.79bn in assets to its platform via acquisitions.

Last month, Wealth Enhancement acquired Oakwood Capital Management, a Los Angeles-based independent RIA with $1.04bn in total client assets.

It followed the company’s purchase of Maryland-based hybrid RIA Lighthouse Wealth Management, Macro Consulting Group (Macro), and Philadelphia-based Hoover Financial Advisors in June.