MINNEAPOLIS, May 2, 2016 /PRNewswire/ -- Wealth Enhancement Group, an independent wealth management firm, today announced that it has reached a definitive agreement to acquire Sound Financial Solutions, LP ("SFS"), a wealth management firm based in Houston, Texas serving approximately $260 million in brokerage and advisory assets.
Wealth Enhancement Group focuses on supporting the 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. Sound Financial Solutions provides similar services to a comparable client demographic, with a particular focus on the Texas marketplace.
Jeff Dekko, Chief Executive Officer of Wealth Enhancement Group, said, "This transaction reflects the continued success of our strategy to acquire and recruit like-minded firms who want to tap into our significant efficiencies of scale and our proven programs to drive organic growth. The Sound Financial Solutions team is an excellent strategic and cultural fit with our firm. Their professionals are perfectly in alignment with our commitment to a team-based, collaborative approach to client service as well as our focus on comprehensive financial planning. Together, we anticipate rapid growth within the Texas market, which has been an area of targeted expansion for our firm for some time now."
Under the terms of the agreement, all of Sound Financial Solutions' existing employees will become part of Wealth Enhancement Group, with senior professionals Larry Smith, Lance Moreland and Geoffrey Lanceley serving as leaders of WEG's newly established Houston, Texas branch teams.
The transaction closely follows Wealth Enhancement Group's March announcement of its acquisition of HHG & Company, LLC, an independent RIA with over $1 billion in client assets based in Darien, CT, in a transaction scheduled to close in the third quarter of 2016.
With these two acquisitions, Wealth Enhancement Group is positioned to add over $1.5 billion in assets under management through acquisitions alone, not counting anticipated growth through ongoing organic client relationship management and client acquisition activities. Wealth Enhancement Group and its RIA, Wealth Enhancement Advisory Services, currently have nearly $4.5 billion in client brokerage and advisory assets. Upon completion of these transactions, the firm expects to have approximately $6 billion in client assets.
Since 2013, Wealth Enhancement Group has established a foothold in select markets through tapping into complementary partner firms' unique capabilities and scale. Adding offices in the New York metro area and Houston, Texas through these two recently announced transactions will accelerate the strong momentum behind the firm's long-term strategic plan of building a nationwide wealth management business.
Lance Moreland said, "We are extremely pleased to join Wealth Enhancement Group to drive additional benefits for both our current and future clients. From advanced investment management and financial planning advice to back-office operational and marketing efficiencies, Wealth Enhancement Group has demonstrated it is a top nationwide wealth management firm."
Mr. Dekko concluded, "We're thrilled to continue the momentum of our strategic acquisition program and pair it with our successful organic growth programs in existing markets. Adding a Houston office with an exceptionally great team marks another important step toward our ongoing goal of building a leading national wealth management and financial planning brand. We look forward to establishing more high-quality partnerships in the near future."
Financial terms of the transaction were not disclosed; the transaction is expected to close in the second quarter of 2016.
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 nearly $4.5 billion in assets as of December 31, 2015. 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.
Securities offered through LPL Financial, Member FINRA/SIPC. Advisory services offered through Wealth Enhancement Advisory Services, LLC, a registered investment advisor. 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