MINNEAPOLIS, Dec. 15, 2016 /PRNewswire/ -- Wealth Enhancement Group (or "the company"), an independent wealth management firm, today announced that it has reached a definitive agreement to acquire CLA Financial Advisors, LLC ("CLA"), a wealth management firm based in Northbrook, IL serving approximately $200 million in brokerage and advisory assets. The acquisition further strengthens the company's momentum as it continues to establish itself as a prominent national wealth management firm with a widely recognized brand.
Wealth Enhancement Group supports retail mass affluent and affluent investors by providing comprehensive investment and financial planning expertise and resources that are typically available only to large institutional investors and ultra-high net worth individuals. The company was founded in 1997 and has expanded, through both organic and inorganic growth, to serve more than 10,000 households in over 40 states. The firm has focused on developing its Chicago region since 2013.
Jeff Dekko, Chief Executive Officer of Wealth Enhancement Group, said, "Our national growth strategy is predicated on acquiring complementary partner firms in select markets and using our proven organic marketing programs to further fuel growth. The progress of this strategy in our Chicago region is promising, and the acquisition of CLA represents a significant milestone in continuing our success story. We look forward to building on the Chicago region's momentum and expect to surpass $1 billion in client assets in this market in the near future."
Under the terms of the agreement, CLA's employees will become part of Wealth Enhancement Group. Regional President Kevin Meehan will continue to oversee the firm's Chicago-area growth and operations. Steve O'Hara, who founded CLA, will work closely with Mr. Meehan to accelerate regional development.
Mr. Meehan said, "We're very fortunate to be partnering with CLA. From the first meeting, it was evident that they share our values and deeply care about their clients. Each individual is committed to our team-based approach to providing comprehensive wealth management services. Together, we anticipate continued significant growth in the Chicago market."
Mr. O'Hara said, "We are thrilled to join Wealth Enhancement Group and tap into its extensive suite of centralized resources and team-of-specialists approach. We're confident this partnership will drive additional benefits for both current and future clients."
It has been a year of sustained growth for Wealth Enhancement Group. In March it announced its acquisition of HHG & Company, LLC, an independent RIA based in Darien, CT, with approximately $1.3 billion in client assets. In May it announced its acquisition of Sound Financial Solutions, LLC, a financial advisory firm based in Houston, TX, with approximately $260 million in client assets. Both acquisitions successfully closed in the third quarter of 2016.
Through the three acquisitions announced this year, Wealth Enhancement Group is positioned to add over $1.7 billion in assets under management through acquisitions alone. It has also seen significant growth through ongoing organic client acquisition programs. Wealth Enhancement Group and its RIA, Wealth Enhancement Advisory Services, currently have over $6.3 billion in client brokerage and advisory assets.
Financial terms of the transaction were not disclosed; the transaction is expected to close in the first quarter of 2017.
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. Established in 1997, Wealth Enhancement Group, combined with its wholly owned subsidiary Wealth Enhancement Advisory Services, has over $6.3 billion in assets as of November 30, 2016. Wealth Enhancement Group specializes in providing retail clients with comprehensive expertise and resources that are typically available only to large institutional investors and the ultrawealthy. For more information, please visit www.wealthenhancement.com.
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.
SOURCE Wealth Enhancement Group