Lightyear Capital-backed Wealth Enhancement buys Sound Financial in Houston

Lightyear Capital-backed Wealth Enhancement buys Sound Financial in Houston
Sound Financial has $260 million in brokerage and advisory assets
MAY 10, 2016
Lightyear Capital-backed Wealth Enhancement Group has agreed to buy Sound Financial Solutions in Houston as it seeks to build a national presence. The purchase of Sound Financial, which has $260 million in brokerage and advisory assets, is its second under the ownership of private-equity firm Lightyear Capital, according to an announcement expected to be released this afternoon. Wealth Enhancement said in March that it was buying HHG & Co., a registered investment advisory firm in Darien, Conn. with $1.3 billion of assets. The pending deals will increase client assets at Wealth Enhancement, a Plymouth, Minn.-based firm providing investment and financial planning services for the mass affluent, to about $6 billion. “Lightyear Capital continues to fuel our successful growth agenda across the country,” Jeff Dekko, chief executive officer of Wealth Enhancement Group, said 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.” Wealth Enhancement is dually registered as an RIA and a broker-dealer offering securities through LPL Financial. Lightyear Capital, founded by its chairman Donald Marron, bought a majority stake in the wealth management firm last year. The purchase of Sound Financial, which also has a hybrid business model, is expected to be completed by the end of June.

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