Minneapolis-based Wealth Enhancement Group, the registered investment advisory firm bought by private equity company Lightyear Capital last April, has made another acquisition, thanks to the help of its parent company.
The firm, which has $4.5 billion in assets, has added Houston-based Sound Financial Solutions, with $260 million in assets.
The deal comes on the heels of the RIA’s acquisition of HHG & Company in March, a Darien, Conn.-based firm with $1.3 billion in assets.
“Our partnership with Lightyear Capital continues to fuel our successful growth agenda across the country,” said Jeff Dekko, CEO of Wealth Management Group, in a statement. “Our platform is really built to provide all of our clients with resources and service that are on par with offerings in the high-net-worth sector, and it’s a model that scales very well with the right partners.”
Wealth Enhancement Group has been expanding into the Midwest since 2013; the latest deal adds to the firm’s footprint in Texas.
The Wealth Enhancement Group serves mass affluent clients and aims to build the business into a national brand. Currently, the firm serves over 10,000 households in over 40 states. Sound Financial Solutions serves a similar client demographic in Texas.
Dekko said the firm plans to continue to scale its model and will look for other firms to acquire. Once the two most recent deals close, the firm will have a total of $6 billion under management.