Wealth Enhancement Group moves into Chicago area

Merges with Summit Wealth Advisors, a Chicago-based RIA with about $300 million in AUM

Dec 11, 2013 @ 4:38 pm

By Megan Durisin

registered investment adviser, advisory, mergers and acquisitions, merger, minneapolis, chicago
+ Zoom
(Bloomberg News)

In its first step toward building a nationwide brand, Minneapolis-based Wealth Enhancement Group has struck a deal with a Illinois registered investment adviser.

Wealth Enhancement Group, with $3.7 billion in assets under management, has merged with Summit Wealth Advisors, a Chicago-based RIA with about $300 million in assets under management and five staff members. Wealth Enhancement Group has nearly doubled its AUM since 2007. The company has other independent advisory practices in Minnesota and Iowa.

Jeff Dekko, chief executive of Wealth Enhancement Group, said the Summit partnership is the first step in a multiyear process of expanding the company. In 2014, he expects to acquire at least two other companies, not necessarily in Chicago.

“We want to take our skill sets, and grow and build a national brand,” Mr. Dekko said.

The deal between the two companies was completed in November. Financial terms were not disclosed.

Kevin Meehan, CEO and founder of Summit Wealth Advisors, said joining a larger firm allows his advisers to focus more on business development, rather than getting caught up in compliance, operations and other functions that don't benefit clients. Summit will adopt the Wealth Enhancement Group brand.

“The reason that we came together is that combination of common values and the commitment to continue to best serve clients,” he said.

0
Comments

What do you think?

View comments

Recommended for you

Latest news & opinion

The appeal and pitfalls of holding unconventional assets in retirement accounts

While non-traditional asset classes held in individual retirement accounts may have return and portfolio diversification benefits, there are "unique complexities" that limit their value for most investors.

Wells Fargo's move to boost signing bonuses could give it a lift

Wirehouse is seen as trying to shore up adviser ranks that took a hit after banking scandal

New Jersey fines David Lerner Associates for nontraded REIT sales

Firm will pay $650,000 for suitability, compliance and books and records violations.

Report predicts $400 trillion retirement savings gap by 2050

Shortfall driven by longer life spans and disappointing investment returns.

Wells Fargo will ramp up spending to lure brokers

Wirehouse, after losing 400 brokers in first quarter, is bucking trend among rivals who have said they are going to cut back on spending big bucks recruiting veteran advisers

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print