MINNEAPOLIS, Dec. 11, 2013 /PRNewswire/ -- Wealth Enhancement Group ("the Firm"), an independent financial advisory firm with more than $3.7 billion in assets, today announced a merger with Summit Wealth Advisors, a Chicago-based independent registered investment advisory (RIA) firm with nearly $300 million in assets under management.
Wealth Enhancement Group, which has 40 financial advisors, offers comprehensive financial planning and investment management strategies across 40 states to affluent and high net worth retail clients. The Firm also provides retirement plan advisory services for qualified and non-qualified employer-sponsored retirement plans. Recently, the Firm has generated particularly strong growth in the Greater Chicago metropolitan area, and its merger with Summit Wealth Advisors positions it for accelerated expansion within the region.
The transaction establishes a physical location for Wealth Enhancement Group within Chicago, complete with a well-established team of five professionals with extensive experience serving clients from the local high net worth community. Going forward, the Summit Wealth Advisors team will operate under the Wealth Enhancement Group brand, and will continue to be led by Kevin Meehan, the founder of Summit Wealth Advisors and a financial services veteran with 28 years of experience, who has been named Wealth Enhancement Group's Regional President, Chicago.
This partnership with Summit Wealth Advisors commences a new wave of anticipated expansion for Wealth Enhancement Group that will utilize strategic mergers of carefully selected independent practices across the country. Jeff Dekko, Chief Executive Officer of Wealth Enhancement Group, said, "Strategically, we are looking to partner with firms that have demonstrated a commitment to growth and see value in integrating with our proprietary marketing capabilities for new client development and creating efficiencies by utilizing our centralized platform to gain investment management, planning and administrative leverage."
Dekko also said, "We are delighted with our first new partnership with Summit Wealth Advisors, a well led and high growth firm that has gone from a startup to almost $300 million in AUM in 13 years while being committed to quality advice with outstanding personnel. At the heart of this transaction is a shared vision of the key values necessary to continue to deliver best-in-class wealth management advice: The integrated coordination of investment consulting, advanced financial planning and relationship management delivered under a truly independent and objective service structure, with no proprietary products or competing agendas. By combining our capabilities, we believe we can organically grow the Chicago region into a multi-billion dollar region similar to our Minnesota region."
Kevin Meehan, Wealth Enhancement Group's Regional President, Chicago, said, "Since our inception, the Summit Wealth Advisors team has always placed our clients at the front and center of our business, and so does Wealth Enhancement Group. Our decision to join forces is in every way a logical extension of the main goal shared by both firms: Delivering the best possible advice for each and every client. We're looking forward to extending our ability to give great advice to more clients throughout the Chicago area by utilizing Wealth Enhancement Group's efficient centralized operations and proven marketing model. The partnership with Wealth Enhancement Group will allow us to accelerate our growth trajectory while allowing us to maintain our commitment to high quality comprehensive advice."
Financial terms of the transaction were not disclosed.
About Wealth Enhancement Group
Wealth Enhancement Group is a Greater Minneapolis-based independent wealth management firm with over 150 professionals supporting the offering of comprehensive and customized financial planning and investment management strategies across 40 states. The Firm serves retail clients at or nearing retirement with $100,000 to $5 million in investible assets, as well as qualified and non-qualified employer-sponsored retirement plans. Wealth Enhancement Group specializes in providing retail mass affluent clients with the comprehensive expertise and resources that are typically available only to large institutional investors and the ultrawealthy. The Firm uses a team approach with a focus on fostering long-term client relationships, and has a presence across 14 offices throughout Minnesota, Iowa and Illinois. For more information, please visit http://wealthenhancement.com/.
Kristin Wood, Sr. Content and Brand Specialist, Wealth Enhancement Group - (763) 417-1604
Securities offered through LPL Financial, Member FINRA/SIPC. Investment advice offered through Wealth Enhancement Advisory Services, a registered investment advisor. Wealth Enhancement Advisory Services and Wealth Enhancement Group are separate entities from LPL Financial.
SOURCE Wealth Enhancement Group