Wealth Enhancement Group, an independent wealth management firm, has acquired Lighthouse Wealth Management, an independent hybrid registered investment adviser (RIA) with USD446 million in total client assets.
Upon closing of the transaction, Wealth Enhancement Group’s total client assets are expected to exceed USD36 billion.
Established in 1992 by Co-Founding Partners Thomas Kozlowski and Andrew Wilson, Lighthouse has eight financial advisors among its 13 employees. The practice specialises in financial planning, wealth management and tax services for clients at or near retirement or those experiencing another life-changing event. With the addition of its client footprint of about 400 families in Maryland and the surrounding states, Lighthouse will help bolster Wealth Enhancement Group’s presence in the densely populated Mid-Atlantic region.
Jeff Dekko, Chief Executive Officer of Wealth Enhancement Group, says: “Tom Kozlowski, Andy Wilson and the rest of their team are tremendous additions to the Wealth Enhancement Group family, and we are thrilled to start collaborating with them. Their nearly three-decade run of excellent client service and business growth is a testament to their experience in building a great brand and a solid operations infrastructure. Wealth Enhancement Group is ready to support their continued success as we help them realize their full potential. The future looks bright, and we are thrilled to bring them on board.”
Jim Cahn, Wealth Enhancement Group’s Chief Investments & Business Development Officer, says: “When we looked at what Tom, Andy and their team offered their clients, we immediately saw there was a close alignment of their approach with our own financial planning-centric philosophy. We are so excited to add such a strong team to the Baltimore/Washington market. The partners’ focus on holistic wealth management aligns with our vision of where the wealth management industry is going.”
Upon closing, the practice will be called the Lighthouse Team, and Kozlowski and Wilson will serve as Senior Vice Presidents, Financial Advisors at Wealth Enhancement Group.
Kozlowski says: “Since Lighthouse’s founding nearly 30 years ago, Andy and I have focused on providing our clients a comprehensive, ‘one-stop shop’ experience for all their financial needs. We are taking this step with Wealth Enhancement Group because the firm has the resources, technology and expertise to help us devote more time and energy to our clients and serve them at an even higher level than before, all while operating more efficiently.”
Wilson says: “An RIA firm such as ours has fielded more than a few inquiries from potential acquirers over the years. We chose Wealth Enhancement Group because its combination of scale, technology and expertise makes them the ideal partner to help us achieve our vision of success. We look forward to this new chapter and all that it will empower us to do in service of our clients.”
Financial terms of the transaction, which is expected to close on 1 July, 2021, have not been disclosed.