Wealth Enhancement Group Announces Acquisition of Summit Planning Group, Continuing Momentum of Multi-Pronged National Expansion Strategy
Second Acquisition in Wisconsin in Nine Months Signals Lightyear Capital-Backed Wealth Management Firm’s Strong Commitment to the Region While Adding Significant Scale
Minneapolis, MN – January 23, 2019 – Wealth Enhancement Group, an independent wealth management firm that oversees $9.6 billion in client assets*, announced today that it has signed a definitive agreement to acquire Summit Planning Group (“Summit”), a fee-based independent financial advisory practice located in Green Bay, WI. With more than $500 million in client assets, Summit is the second acquisition for Wealth Enhancement Group in Wisconsin in a nine-month period, further bolstering the firm’s presence in the Upper Midwest region and affirming the continued success of its multi-pronged strategy to become 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, “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. It’s even more important that we find the right partners: Advisory firms with a client-focused culture and the desire to leverage our team-based approach to financial planning, portfolio management and back-office operations to take the client experience they offer – and their own growth trajectory – to another level.”
Mr. Dekko continued, “That is why we are thrilled to partner with the outstanding team at Summit Planning Group. Their four partners have built a practice and a culture that aligns with our own in their dedication to making a positive impact on clients’ lives.”
In addition to acquiring nine independent wealth management firms in the last five years, Wealth Enhancement Group also saw organic growth of more than $1 billion per year in both 2017 and 2018. 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; and Cimino Wealth Advisors (Clinton, Wis.), Retirement Strategies, Inc., (Jacksonville), OneSource Retirement Advisors (Philadelphia) and GDM Advisory Group (Philadelphia) in 2018.
Founded in 2000 Summit Planning Group provides independent financial guidance to approximately 980 families through a fee-based model. The firm’s approach in serving clients is rooted in technical competency and caring for each client’s financial goals.
Larry Lindsley, one of the four founders of Summit Planning Group said, “From the beginning of our firm, we have always focused on doing the right thing for our clients to help them pursue their dreams. Our reason for partnering with Wealth Enhancement Group is no different. In seeking a strategic partner, my partners and I weren’t looking for a short-term exit strategy. We have a strong passion for serving our clients and plan to do so for years to come. Joining Wealth Enhancement Group gives us the support we need to help us further build our business, accelerate our growth and 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, “We are very pleased to bring Summit Planning 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 have a strong pipeline of future acquisitions and are bullish on our growth strategy for the rest of 2019. We are confident that both we and Summit will continue to experience strong success in the Green Bay market.”
Financial terms of the transaction were not disclosed. The transaction is expected to close in April 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 $9.6 billion in client brokerage and advisory assets as of 12/31/18.
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.
Wealth Enhancement Group is a Greater Minneapolis-based independent wealth management firm offering comprehensive and customized financial planning and investment management services. Established in 1997, Wealth Enhancement Group uses a team approach with a focus on simplifying their clients’ financial lives and has offices nationwide.