Minneapolis-based Wealth Enhancement Group, the registered investment advisory purchased by Lightyear Capital in April 2015, has acquired the Wiley Group, a financial planning-focused RIA in Philadephia, with $300 million in assets under management. This is Wealth Enhancement’s third deal in Philadelphia in a bid to become a nationally branded RIA.
Wealth Enhancement Group has acquired 11 RIAs in the past five years, bringing its total client assets to $10.4 billion. The RIA added Philadelphia-based OneSource Retirement Advisors and GDM Advisory Group in 2018.
Most recently, the firm bought Summit Planning Group, a Green Bay, Wis.-based firm with 980 clients and some $500 million in assets.
Wealth Enhancement Group has been one of the more aggressive acquirers of RIA firms over the past several years since it was purchased by Lightyear Capital in April 2015 from Norwest Equity Partners, a Minneapolis-based middle market investment firm.
In addition to its acquisitions, Wealth Enhancement Group saw organic growth of more than $1 billion in both 2017 and 2018.
Terms of the deal were not disclosed.