Minneapolis-based Wealth Enhancement Group, the registered investment advisory firm backed by private equity firm Lightyear Capital, has acquired Jacksonville, Fla.-based CPA Retirement Planning, a practice affiliated with National Planning Holdings, recently acquired by LPL Financial. Through the acquisition, Wealth Enhancement Group, which uses LPL for its brokerage business, helps the independent broker/dealer to retain another NPH team.
Lightyear Capital’s purchase of Wealth Enhancement Group in April 2015 has fueled several acquisitions. The RIA picked up HHG & Company, a Darien, Conn.-based firm with $1 billion in assets, last March, as well as Houston-based Sound Financial Solutions, with $260 million in assets, in May 2016. Wealth Enhancement Group now has $7.5 billion in total assets and 10,000 clients across 40 states.
The latest purchase will expand the firm’s presence in northeastern Florida, where CPA Retirement Planning is based. The firm offers holistic financial planning and investment management services to retail and business clients.