Wealth Enhancement Group has agreed to acquire Jacksonville, Florida-based Retirement Strategies, a financial adviser. No financial terms were disclosed. Wealth Enhancement Group is backed by Lightyear Capital LLC.
MINNEAPOLIS, July 24, 2018 /PRNewswire/ — Wealth Enhancement Group, an independent wealth management firm that oversees $8.9 billion in client assets*, announced today that it has signed a definitive agreement to acquire Retirement Strategies, Inc., (“RSI”) an independent financial advisory practice with more than $350 million in client assets based in Jacksonville, Florida. Coupled with organic growth of more than $1 billion in client assets achieved by Wealth Enhancement Group in 2017, the transaction represents the latest step toward the firm’s strategic goal of positioning itself as a leading national wealth management and financial planning brand.
Jeff Dekko, Chief Executive Officer of Wealth Enhancement Group, said, “RSI’s deep financial planning capabilities bring strategic scale to our commitment to provide the highest quality financial advice in northeastern Florida. This second acquisition in the Jacksonville market reflects our belief that scale matters for our business on both the national and local levels, and is in line with achieving a multi-billion dollar level of client assets in each region where we establish a presence. Our company’s success in driving growth both organically and through acquisitions is in no small part thanks to our unique approach of providing team-based financial planning, portfolio management, and back office efficiencies. RSI’s strong leadership and focus on client outcomes makes them ideally suited to leverage our approach to generate further growth in Florida, and makes RSI a perfect addition to our national team.”
This acquisition extends the national presence of Wealth Enhancement Group for the seventh time in recent years. In 2013, the firm acquired Summit Wealth Advisors in Chicago, Ill. It made two acquisitions in 2016, with HHG & Company in Darien, Conn., and Sound Financial Solutions in Houston, Texas. CLA Financial Advisors in Chicago, Ill and CPA Retirement Planning in Jacksonville, Fla. came onboard in 2017. The firm also acquired Cimino Wealth Advisors in Clinton, Wis. earlier this year.
Retirement Strategies, Inc., which was founded in 1994, is led by partners Bill Carr, Bill Hart, and Mary Beth Neeley. The firm is focused on providing holistic financial planning and investment management services to support the goals and dreams of individual investors who are planning for retirement. The practice serves all its clients on an advisory basis.
RSI’s 13 team members include seven employees with the Certified Financial Planner certification as well as an investment research and portfolio manager, Thomas Haggerty, who holds the Chartered Financial Analyst designation. RSI team members have provided articles and interviews for Florida-area news publications as well as national financial publications such as the Wall Street Journal and Kiplinger’s. The practice’s team members actively serve on boards for multiple non-profits, including the Firehouse Subs Safety Foundation, Make-A-Wish Foundation, and financially support the Baptist Hospital AgeWell Program in Jacksonville.
Bill Carr, speaking on behalf of his partners, said, “At Retirement Strategies, Inc., we help clients understand the decisions they need to make to retire with confidence by focusing on in-depth financial planning, investment expertise and a commitment to honoring the values of our clients. Our company vision has always been to establish ourselves as a leading client-centered wealth management firm that makes a difference in our clients’ lives and in the communities we serve, both now and for the generations to come. We see this partnership with Wealth Enhancement Group as a key step toward fulfilling that vision.”
Mr. Dekko concluded, “The rare combination of professional expertise, thought leadership and community involvement that the Retirement Strategies, Inc. team brings to the table proves that they are exactly the kind of practice that Wealth Enhancement Group wants to attract. From the team’s impressive experience and credentials to its long-term focus on building client relationships and genuine commitment to volunteer service, RSI embodies the attributes we look for as we continue to drive toward our goal of establishing Wealth Enhancement Group as a premier national wealth management and financial planning brand. We are very excited to have them on board.”
Financial terms of the transaction were not disclosed. The transaction is expected to close in September 2018.
About Wealth Enhancement Group
Wealth Enhancement Group is a Greater Minneapolis-based independent wealth management firm offering comprehensive and customized financial planning and investment management services nationwide, with offices in Florida, New York, Connecticut, Minnesota, Wisconsin, Iowa, Illinois, and Texas. Founded in 1997 and backed by Lightyear Capital, LLC, a private equity firm specializing in financial services investing, Wealth Enhancement Group serves clients in more than 40 states. Wealth Enhancement Group specializes in providing retail clients with the team-based expertise and resources they need to simplify their financial life. For more information, please visit www.wealthenhancement.com.