Lightyear Capital-Backed Wealth Management Firm’s Third Acquisition in Greater Philadelphia Area Adds Significant Incremental Scale to Regional Footprint
Minneapolis, MN – April 5, 2019 – Wealth Enhancement Group, an independent wealth management firm that oversees $10.4 billion in client assets*, today announced that it has signed a definitive agreement to acquire Wiley Group , an independent financial advisory practice located in West Conshohocken, PA. With more than $300 million in client assets, Wiley Group adds a third office to the Wealth Enhancement Group footprint in Philadelphia, underscoring the firm’s commitment to further strengthening its presence in this critical market. The acquisition is the firm’s eleventh since 2013, and marks the continued success of its 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, “We are very pleased to announce that Wiley Group will be joining the Wealth Enhancement Group team, and that we are continuing to expand our already-significant footprint in the greater Philadelphia area. When we began our discussions with Wiley Group, we recognized right away how well-positioned they were to drive accelerated growth by leveraging our team-based approach to financial planning, portfolio management and back-office operations – and, most importantly, that they share our commitment to exceptional client service. Their successful targeted marketing programs were another indication of the strong fit between our two firms, and we look forward to incorporating their best practices into our organic marketing strategy.”
Mr. Dekko continued, “This announcement aligns perfectly with our strategy of developing substantial scale in each market where we operate, and we are thrilled to have the opportunity to bring a top-quality team like Wiley Group onboard. As we have continued to expand over the past six years, we have rigorously sought out exceptional partners to help us establish our presence as a national wealth management and financial planning brand. Jim Wiley and his team more than meet that standard, and we are eager to start working with them.”
Wealth Enhancement Group saw organic growth of more than $1 billion per year in both 2017 and 2018. Its acquisition strategy has enabled the firm to expand even further with the addition of eleven independent wealth management firms since 2013, including Wiley. 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.) earlier this year.
Wiley Group provides fee-based independent financial advice to approximately 450 households, with a focus on robust financial planning. The firm, founded in 2009, is led by Jim Wiley and Don Riley, and will bring all ten of its employees to Wealth Enhancement Group.
Jim Wiley, Chief Executive Officer and Chief Investment Strategist of Wiley Group, said, “We are delighted to become part of the Wealth Enhancement Group team, and we look forward to all that we will accomplish together – both on behalf of our existing clients, and as we further expand our presence in the Greater Philadelphia metro area. With Wealth Enhancement Group, we’ve found an ideal partner that will not only continue to meet our exacting service standards for clients far into the future, but provides us with the tools and resources to fuel continued robust growth in this market.”
Financial terms of the transaction were not disclosed. The transaction is expected to close in June 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 $10.4 billion in client brokerage and advisory assets as of 2/28/19.
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
Haven Tower Group
424 652 6520, ext. 101 or ext. 102
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