Wealth Enhancement Group increased its assets under management by $3 billion to just over $25 billion due to its latest acquisition. The Minneapolis-based independent registered investment advisor announced Tuesday it acquired SVA Companies’ wealth management and trust businesses, collectively known as SVA Financial Group.
Wealth Enhancement Group CEO Jeff Deko said in a statement that the addition of a trust company gives the RIA more services to offer its high-net-worth individual and family clients. He also said some of the professionals from SVA Financial will join Wealth Enhancement’s Roundtable team of finance specialists.
The acquisition of SVA Trust will close in the first quarter of 2021, while the acquisition of SVA Wealth Management will complete on Dec. 31, 2020.
Financial terms of the transaction were not disclosed.
SVA Companies, formerly known as Suby, Von Haden & Associates and headquartered in Madison, Wis., kept its other professional services companies: SVA Certified Public Accountants and SVA Consulting, which offers technology and compliance services.