Lightyear Capital-backed Wealth Enhancement buys CLA Financial Advisors

Chicago-based CLA will add $200 million in AUM to firm's $6.3 billion
DEC 15, 2016
Advisory firm Wealth Enhancement Group announced it's purchasing a $200 million wealth management firm, its third acquisition since being bought by private equity firm Lightyear Capital 18 months ago. In its latest push towards becoming a national wealth management firm, the Plymouth, Minn.-based adviser is buying CLA Financial Advisors in Northbrook, Ill., the firms announced on Thursday. Wealth Enhancement Group, which has about $6.3 billion in assets, did not disclose the terms of the deal. In two deals earlier this year, the firm bought Houston-based Sound Financial Solutions in May and HHG & Co. in Darien, Conn., in March. “The firms we've acquired have given us the boots on the ground to build or expand a substantial presence in each of our target markets, while the team-oriented approach, robust resources and investment acumen we bring to the table have enabled them to unlock growth potential that had previously been untapped,” said Jeff Dekko, chief executive of Wealth Enhancement Group. The firm is dually registered as an RIA and a broker-dealer offering securities through LPL Financial. Lightyear Capital bought a majority stake in the wealth management firm in June 2015.

Latest News

Ex-broker in Florida gets more than six years for stealing $2 million from senior
Ex-broker in Florida gets more than six years for stealing $2 million from senior

Eric J. Stone was fired by Fidelity in 2021 after facing claims he took loans from clients.

Vistria takes majority stake in Curi Capital in fresh RIA deal
Vistria takes majority stake in Curi Capital in fresh RIA deal

Chicago-based Curi Capital gets new majority owner as $14 billion RIA eyes acquisitions and expanded family office services

WealthReach, VastAdvisor tie-up takes aim at advisors' cold outreach problem
WealthReach, VastAdvisor tie-up takes aim at advisors' cold outreach problem

Partnership pairs organic lead detection with paid ad targeting to help end "spray-and-pray" marketing for growth-seeking advisory firms.

LPL taps Wells Fargo vet as new chief technology and information officer
LPL taps Wells Fargo vet as new chief technology and information officer

Jonathan Lewis joins the wealth management giant as it proceeds with a $2 billion AI and technology push for advisors.

Buffer ETFs can turn volatility into a better client conversation
Buffer ETFs can turn volatility into a better client conversation

Once focused on retirees, pre-retirees and risk-conscious investors, the category has widened into a wider toolkit to help reassure clients in choppy markets.

SPONSORED Direct indexing webinar targets tax-loss harvesting amid market swings

Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains

SPONSORED Who builds the income when the pension disappears?

Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income