Independent wealth management firm Wealth Enhancement Group has acquired Financial Wealth Management, a hybrid registered investment adviser (RIA) based in Madison, Wisconsin, with approximately USD320 million in client assets. Upon the closing of this transaction, Wealth Enhancement Group expects to approach USD26 billion in client assets.
The acquisition brings Wealth Enhancement Group yet another location in the state of Wisconsin, adding to current offices in Clinton and Green Bay, and the three offices in Appleton, Milwaukee and Madison that it will add through the upcoming acquisition of SVA Financial Group announced last week. The move demonstrates the company’s continued focus on executing on its strategy of broadening its footprint in key regions across the country, and further solidifies its position as a leading national wealth management and financial planning brand.
Financial Wealth Management consists of the father-son advisor team of Founder Dan Hyland and Senior Vice President Kyle Hyland. The practice offers comprehensive wealth management services, including retirement and financial planning for individuals and small businesses.
Jeff Dekko, Chief Executive Officer of Wealth Enhancement Group, says: “Over the course of nearly 40 years in the wealth management industry, Dan Hyland has built a robust business based on his experience and commitment to clients, and we are honoured to welcome him and his team to the Wealth Enhancement Group family. This acquisition further strengthens our footprint in the Midwest, where, starting from our home base in Minnesota, we have been adding to our locations at a steady pace, selectively adding high-quality practices whose cultures and goals align with our own. Dan, Kyle and their team are exactly the sort of professionals we relish the chance to work with, and we look forward to supporting them with our centralised wealth management and back office capabilities, as well as our additional strategic growth initiatives.”
Hyland says: “Wealth Enhancement Group has built a highly respected presence in the wealth management space as a fast-growing, innovative firm that provides industry-leading technology, resources and expertise to support us to better serve our clients. We are excited to join the Wealth Enhancement Group team as they share our vision and commitment to client service and will continue to empower us to guide our clients in pursuing their financial goals.”
Financial terms of the transaction, which is expected to close in the fourth quarter, have not been disclosed.