Lightyear Capital-Backed Wealth Management Firm's Acquisition of Independent Financial Advisory Business with more than $1 Billion in Client Assets is its 13th in Past Six Years
MINNEAPOLIS, Minn., July 18, 2019 -- Wealth Enhancement Group, an independent wealth management firm that oversees $11.8 billion in client assetsi, today announced that it has signed a definitive agreement to acquire AEPG Wealth Strategies, a registered investment advisor business based in Warren, N.J., with more than $1 Billion in combined client assetsii. The transaction is the firm’s 13th acquisition over the past six years, and marks Wealth Enhancement Group’s first location in New Jersey. The transaction bolsters the firm’s East Coast presence, while intensifying its ongoing momentum in establishing Wealth Enhancement Group as a leading national wealth management and financial planning brand, driven by a combination of organic growth and targeted acquisitions in key markets across the country.
AEPG has 27 employees and serves more than 600 advisory and retirement plan clients. The firm offers planning and advisory services to individuals and families, including retirement planning, education planning, investment management, cash flow management and tax strategies. It also helps businesses establish and manage retirement plan and employee benefits programs. Additionally, AEPG has specialized expertise in advising medical professionals, such as doctors and dentists, with respect to their unique financial concerns, as well as designing and implementing comprehensive employee benefits packages for manufacturers. In 2018, InvestmentNews named AEPG one of the Top 20 Best Places to Work for Financial Advisors in the U.S.iii, and as NJBIZ Magazine’s #12 Small Business Best Places to Work in New Jerseyiv.
Jeff Dekko, Chief Executive Officer of Wealth Enhancement Group, said, “AEPG’s exceptional track record for client service with individuals, families and business owners is a testament to their team’s ability to bring substantial value to the clients they support. Moreover, AEPG’s retirement plan and employee benefits services deepens the expertise we provide to business owners via our Roundtable team of specialists and advisors. We are thrilled to bring aboard AEPG’s accomplished team and we’re excited about all that we can achieve together.”
Mr. Dekko continued, “Acquisitions of select independent financial advisor businesses support our national growth strategy by bringing in the talented professionals we need to serve a growing client base in diverse geographies. We will continue to identify and acquire exceptional firms, led and staffed by exceptional people, to join forces with our organization as partners in helping us expand as a nationally respected wealth management and financial planning brand. AEPG was an ideal candidate due to both its business achievements, and its culture, which has its roots in a passionate belief in doing the best for clients in every engagement.”
In addition to continuing to serve their clients, AEPG’s talented team will serve as Pension and Group Employee Benefits specialists on the Wealth Enhancement Group Roundtable, providing additional value-add expertise and resources to help business owner clients across the country. Under the terms of the transaction, Steven Kaye CEO and founder of AEPG, will continue to lead the firm’s team, as senior vice president and managing director at Wealth Enhancement Group following the closing of the acquisition.
Steven Kaye said, “We are excited to join forces with Wealth Enhancement Group, an organization with strong resources that can augment our current client services capabilities, as well as a service philosophy that is completely aligned with ours. From our initial conversations in 2015 with Jeff Dekko and his team, we were impressed with Wealth Enhancement Group’s deep commitment to client service, and our shared focus on independent, fiduciary, team-based advice that is entirely centered on client needs. Our clients are successful businesses and individuals who need a trusted ally to make sense of their complex financial situations and guide them on the right path to pursue their goals. In Wealth Enhancement Group, we have found a strategic partner who can help us take our client service to the next level, while enabling us to deliver our solutions to a broader set of clients across the country.”
Financial terms of the transaction, which is expected to close on October 1, 2019, were not disclosed. AEPG Wealth Strategies was represented by DeVoe & Company, a leading strategic advisor to RIAs, offering consulting, investment banking, and valuation services.
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.
i Wealth Enhancement Group and its Registered Investment Advisor, Wealth Enhancement Advisory Services, have approximately $11.8 billion in client brokerage and advisory assets as of 6/30/2019.
ii AEPG Wealth Strategies has approximately $1 Billion in combined client brokerage and advisory assets as of 6/30/2019.
iii Companies from across the country entered the two-part process using an extensive workplace assessment process that included an inventory of organizational benefits, policies and offerings but also a detailed survey of employees to determine the Best Places to Work. The overall registration and survey process was managed by Best Companies Group (BCG). BCG also analyzed the data provided and used their expertise to determine the final rankings. There was no cost associated with participating in the survey to be considered as one of the Best Places to Work for Financial Advisers.
iv Companies from across the state entered the two-part process using an extensive workplace assessment process that included an inventory of organizational benefits, policies and offerings but also a detailed survey of employees to determine the 100 Best Places to Work in New Jersey. The overall registration and survey process was managed by Best Companies Group (BCG). BCG also analyzed the data provided and used their expertise to determine the final rankings. While there is a cost associated with administering the survey to be considered as one of the Best Places to Work, there is no guarantee of inclusion in the list.
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.