Wealth Enhancement Group, a Minnesota-based wealth manager backed by Lightyear Capital, has agreed to buy Summit Planning Group, a Wisconsin-based independent financial advisory firm, for an undisclosed amount.
Summit Planning, established in 2000, offers financial advice to around 980 families.
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The deal, slated to be completed in April this year, adds over $500m in assets to the buyer’s portfolio.
Wealth Enhancement Group CEO Jeff Dekko said: “In alignment with our strategy of building both national scale and local scale in key markets, we’re pleased to announce this second acquisition in Wisconsin.
“Establishing a substantial volume of advisory capabilities and clients in key markets has long been a crucial priority for Wealth Enhancement Group as we seek to build on the momentum our multi-faceted growth strategy has gained over the past six years.”
Wealth Enhancement Group’s acquisitions
The latest transaction marks the second takeover in Wisconsin for the buyer in nine months.
Last June, Wealth Enhancement Group purchased Wisconsin-based Cimino Wealth Advisors.
It also acquired Florida-based Retirement Strategies, along with Pennsylvania-based firms OneSource Retirement Advisors and GDM Advisory Group last year.
Wealth Enhancement Group has branches in Connecticut, Florida, Iowa, Illinois, Minnesota, New York, Pennsylvania, Texas and Wisconsin. The business managed around $9.6bn in assets at the end of December 2018.
