Wealth Enhancement Group moves into Chicago area

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.