Wealth Enhancement Group (WEG) has agreed to buy SVA Financial Group, the wealth management and trust services entities of the SVA Companies, for an unknown sum.
The deal will bring $3.2bn in client assets to the acquirer, helping grow its assets to over $25bn by the year end.
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By GlobalDataThe acquired business includes SVA Wealth Management and SVA Trust Company and has a total of 22 financial advisers.
Headquartered in Madison, Wisconsin, the group focuses on offering wealth management, trust and tax planning services to high-net-worth individuals and families. In addition, it offers investment and 401(k) plan services to small businesses.
The purchase will bolster WEG’s offerings for high-net-worth clients and is said to fortify its position as a leading national wealth management brand.
Wealth Enhancement Group CEO Jeff Dekko said: “This partnership positions our firm for continued growth and leadership in providing financial planning and wealth management services, and the addition of a trust company deepens our ability to comprehensively serve high-net-worth individuals and families nationwide.”
SVA principal and CEO John Baltes added: “SVA is proud to have fulfilled the wealth management and trust needs of our clients for 25 years. We expect that joining Wealth Enhancement Group will only help serve the people we have cared so much about with greater efficiency and a heightened experience.”
The SVA Wealth Management deal is expected to close on 31 December 2020.
The acquisition of SVA Trust Company, which is pending regulatory approval, is set to conclude in the first quarter of next year.
Recent acquisitions by Wealth Enhancement Group
The latest deal continues Wealth Enhancement Group’s growth trajectory in the US.
Last month, the firm acquired New York-based independent RIA 10-15 Associates for an unknown sum.
In September this year, the company purchased Deer Park, New York-based hybrid RIA CJM Wealth Management.
In February, it snapped up JOYN Advisors, an Atlanta, Georgia-based RIA.
