Wealth Enhancement Group Continues Strategic Expansion With Acquisition of Cimino Wealth Advisors

MINNEAPOLIS, June 13, 2018 /PRNewswire/ -- Wealth Enhancement Group, an independent wealth management firm that oversees approximately $8.4 billion in total client assetsⁱ, today announced that it has acquired Cimino Wealth Advisors, an independent financial advisory practice with $494.5 million in client assets based in Clinton, Wisconsin. The acquisition represents another significant step toward the long-term strategic goal Wealth Enhancement Group has of establishing itself as a top national wealth management and financial planning brand.

Jeff Dekko, Chief Executive Officer of Wealth Enhancement Group, said, "We have a strong track record of both organic and acquisition-driven growth and a proven ability to help advisors quickly scale their businesses by leveraging our team-based portfolio management capabilities, financial planning processes and extensive back office resources.  Wealth Enhancement Group offers a compelling growth platform for successful independent advisors across the country. With Cimino Wealth Advisors, we saw a fantastic opportunity to continue our growth story by partnering with a firm who delivers comprehensive financial planning and investment management to help their clients strive toward their financial goals. The Cimino team is an outstanding advisory team whose work ethic and reputation for putting clients first meshes perfectly with our values."

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. Its registered investment advisor (RIA) arm, Wealth Enhancement Advisory Services, is one of the nation's fastest-growing independent RIA firms. The acquisition marks the first Wisconsin office for Wealth Enhancement Group and expands the firm's footprint across four contiguous Midwestern states — Minnesota, Wisconsin, Iowa, and Illinois — in addition to teams based in Texas, Florida and Connecticut.

Cimino Wealth Advisors is led by Vince Cimino, who has been repeatedly recognized as one of Barron's Top Financial Advisors and is a top 1% performer for LPL Financial, the nation's largest independent broker-dealer, with which he will maintain his affiliation.ⁱⁱ Mr. Cimino will continue to lead the Wealth Enhancement Group Wisconsin office as a Senior Vice President, Financial Advisor.

A Clinton native, Mr. Cimino has built his practice by creating wealth accumulation and preservation strategies for clients both during and prior to retirement, while also helping to address their estate planning needs. His comprehensive approach and strong ties to the local community through his extensive charitable activities have enabled him to build a large client base.

Mr. Cimino has served as a founding member and director of the Gateway Community Bank in Roscoe, Illinois and has worked in the field of financial management since 1992.

Vince Cimino, President and founder of Cimino Wealth Advisors and Senior Vice President, Financial Advisor at Wealth Enhancement Group, said, "My team and I have always sought to put our clients first in everything we do, and our new partnership with Wealth Enhancement Group is no exception. Their platform and team-based approach to portfolio management and holistic financial planning are perfect complements to the way we work with clients, which is focused on building and maintaining personal relationships that help us gain an in-depth understanding of their needs and goals. Our team is not going anywhere – on the contrary, we look forward to providing our clients with an even deeper service experience than what we were able to in the past."

Mr. Dekko concluded, "With their well-established presence in Wisconsin, decades of experience and unwavering focus on providing ethical, above-and-beyond client service, Vince and his team are emblematic of the type of professionals we seek to bring into the Wealth Enhancement Group community. Given our strong client base in Wisconsin, we felt it was high time to establish a physical presence there as well. This partnership is a great fit with our overall expansion strategy, and we are excited to get to work with Vince and his team."

Financial terms of the transaction were not disclosed.

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 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 $8.4 billion in client brokerage and advisory assets as of 4/30/18.

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.

Media Contacts
Joseph Kuo / Chris Clemens
Haven Tower Group
424 652 6520, ext. 101 or ext. 102
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SOURCE Wealth Enhancement Group