Wealth Enhancement Group, a portfolio company of Lightyear Capital, said June 13 that it agreed to buy Planning Solutions Group LLC. Financial terms weren’t announced. Planning Solutions, of Fulton, Maryland, is a financial advisory business with more than $1.3 billion in combined client assets.
MINNEAPOLIS, June 13, 2019 /PRNewswire/ — Wealth Enhancement Group, an independent wealth management firm that oversees $11.3 billion in client assets*, today announced that it has signed a definitive agreement to acquire Planning Solutions Group, LLC, a hybrid independent financial advisory business based in Fulton, Maryland, with more than $1.3 billion in combined client assets**. The acquisition marks Wealth Enhancement Group’s first location in the Baltimore/Washington D.C. area and underscores its commitment to growth in the densely populated east coast. The acquisition is the firm’s twelfth since the end of 2013 and is more evidence that it is establishing itself as a leading national wealth management and financial planning brand through both organic growth and targeted acquisitions.
Jeff Dekko, Chief Executive Officer of Wealth Enhancement Group, said, “We are thrilled to announce that Planning Solutions Group, a group of experienced advisors doing great work in the Baltimore area since 2001, is joining the Wealth Enhancement Group family. From the first time we spoke with the group’s partners, we were impressed with their passion for providing clients the best service experience in every engagement. They have had great success, and we will help them take that growth to new levels with our collaborative approach to financial planning, portfolio management and back-office operations.”
Mr. Dekko continued, “At Wealth Enhancement Group, we are trying to build substantial operational scale, both nationally and in each market we serve. The addition of a business such as Planning Solutions Group helps us immensely along the way to that goal. When we seek out firms to partner with, we are looking for exceptional partners who will help us grow our presence as a nationally respected wealth management and financial planning brand. Planning Solutions Group more than fits the bill in this respect and we look forward to great things as we work with them in the future.”
Wealth Enhancement Group’s total client assets grew organically by more than $1 billion per year in both 2017 and 2018. It has been particularly active in acquisitions as well, bringing aboard 11 other practices since the end of 2013. The firm’s other recent acquisitions include Summit Wealth Advisors (Chicago), acquired in 2013; HHG & Company (Darien, Conn.) and Sound Financial Solutions (Houston) in 2016; CLA Financial Advisors (Chicago) and CPA Retirement Planning (Jacksonville) in 2017; Cimino Wealth Advisors (Clinton, Wis.), Retirement Strategies, Inc., (Jacksonville), OneSource Retirement Advisors (Philadelphia) and GDM Advisory Group (Philadelphia) in 2018; and Summit Planning Group (Green Bay, Wis.) and Wiley Group (West Conshohocken, Pa.) earlier this year.
Planning Solutions Group, which also has an office in Virginia Beach, Virginia, has 28 employees, including 15 financial advisors, and focuses on developing innovative concepts for wealth creation and preservation to suit the needs of business owners, executives, retirees and high-net worth individuals.
Robert Carson, managing partner at Planning Solutions Group, said, “Servicing our clients’ interest first, last and always has consistently been, and will continue to be the name of the game at our firm, and we are committed to exceeding expectations in all aspects of the planning experience for the individuals, families and businesses we serve. We believe in building long-term relationships with our clients rather than shooting for short-term gains. When we first began discussions with Wealth Enhancement Group, we were gratified to know that Jeff and his team believe the same. With that alignment in place, along with the scale and efficiencies we stand to gain, there was no question in our minds that joining the Wealth Enhancement Group was the best way to go, for our clients and for PSG.”
Financial terms of the transaction were not disclosed. The transaction is expected to close August 1, 2019.
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 Connecticut, Florida, Iowa, Illinois, Minnesota, New York, Pennsylvania, Texas and Wisconsin. 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.
*Wealth Enhancement Group and its Registered Investment Advisor, Wealth Enhancement Advisory Services, have approximately $11.3 billion in client brokerage and advisory assets as of 4/30/2019.
**Planning Solutions Group and its Registered Investment Advisor have approximately $1.3 billion in combined client brokerage and advisory assets as of 04/30/2019.
Advisory services offered through Wealth Enhancement Advisory Services, LLC (WEAS), a registered investment advisor. Certain, but not all, investment advisor representatives (IARs) of WEAS are also registered representatives of and offer securities through LPL Financial, Member FINRA/SIPC. Wealth Enhancement Group and Wealth Enhancement Advisory Services are separate entities from LPL Financial. Wealth Enhancement Group is a registered trademark of Wealth Enhancement Group, LLC.