Minneapolis, MN – October 23, 2018 – Wealth Enhancement Group, an independent wealth management firm that oversees $9.7 billion in client assets*, announced today that it has signed a definitive agreement to acquire GDM Advisory Group (“GDM”), a fee-based independent financial advisory practice located in Fort Washington, PA, in the greater Philadelphia metro area. With $470 million in client assets, GDM is the second acquisition for Wealth Enhancement Group in this vital market in two months. This adds significant scale in the region as the firm continues its aggressive, multi-pronged strategy to establish itself as a leading national wealth management and financial planning brand through both targeted acquisitions and organic growth.
Jeff Dekko, Chief Executive Officer of Wealth Enhancement Group, said, “Consistent with our strategy of building both national scale and local scale in key markets, we’re pleased to announce this second acquisition in Philadelphia. Establishing a critical mass 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 five-year momentum of our multi-faceted growth strategy. Our first objective, however, is always to find the right partners: Advisory firms with strong service cultures and the ability to seamlessly leverage our team-based approach to portfolio management, financial planning and back-office operations to take the client experience they offer – and their own growth trajectory – to another level.”
Mr. Dekko continued, “With that in mind, we are thrilled to partner with the outstanding team at GDM Advisory Group. Glenn Meyer and his team have built a practice and a culture that truly mirrors our own in its dedication to providing each client with the insight, tools and responsive service they need to effectively pursue their goals. Along with the acquisition we announced last month of OneSource Retirement Advisors – also in the greater Philadelphia area – Wealth Enhancement Group is aggressively building on our efforts to establish ourselves as a leading national wealth management and financial planning brand by bringing our unique value proposition to clients in this vibrant and critical market.”
In addition to acquiring eight independent wealth management firms in the last five years, Wealth Enhancement Group also saw organic growth of over $1 billion in 2017. The firm’s other recent acquisitions include Summit Wealth Advisors in 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; and Cimino Wealth Advisors (Clinton, Wis.), Retirement Strategies, Inc., (Jacksonville) and OneSource Retirement Advisors (also in the Philadelphia metro region) earlier this year.
Founded in 1993, GDM Advisory Group provides independent financial guidance to approximately 250 individuals and families through a purely fee-based model. The firm’s approach begins by developing a robust financial picture of each client, including factors such as savings capacity, existing investment wealth and investment temperament. GDM conducts regular risk tolerance assessments with clients to make adjustments to their portfolios in keeping with the firm’s customized client service model.
Glenn Meyer, Founder of GDM Advisory Group said, “When we come to work every day, we are motivated by one goal: to do the right thing for our clients to help them pursue their dreams. Our motivation in partnering with Wealth Enhancement Group is no different. In seeking a strategic partner, my team and I were not looking to ride off into the sunset. Rather, we were looking for a platform that could help us further elevate our business, fast-track our growth and further strengthen the client experience we provide. We are very excited to have found that partner in Wealth Enhancement Group, and we look forward to becoming part of the team.”
Mr. Dekko concluded, “Our clients count on us to maintain very high standards, and we take that trust seriously. We are very pleased to bring GDM Advisory Group on board as we pursue our strategic goal of establishing multi-billion dollar asset levels in each area where we develop a footprint. We are confident that both we and GDM will continue to experience strong success in the Philadelphia market.”
Financial terms of the transaction were not disclosed. The transaction is expected to close in December 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.
*Wealth Enhancement Group and its Registered Investment Advisor, Wealth Enhancement Advisory Services, have approximately $9.7 billion in client brokerage and advisory assets as of 9/30/18.
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.
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Joseph Kuo / Chris Clemens
Wealth Enhancement Group is a Greater Minneapolis-based independent wealth management firm offering comprehensive and customized financial planning and investment management services nationwide. Established in 1997, Wealth Enhancement Group uses a team approach with a focus on simplifying their clients’ financial lives and has offices nationwide.