Minneapolis-based hybrid advisory business Wealth Enhancement Group is acquiring Hoover Financial Advisors, a $1.46 billion hybrid registered investment adviser based in Malvern, Pennsylvania.
The deal, which was announced early Thursday morning, will push Wealth Enhancement Group’s total client asset to nearly $35 billion once the deal closes around July 1.
The announcement, which follows Wealth Enhancement Group’s March acquisition of North American Management, a Boston-based RIA managing $1.75 billion in client assets, underscores the firm's aggressive acquisition strategy.
As part of the announcement, Jeff Dekko, Wealth Enhancement Group chief executive, credited the firm’s "capital partner, TA Associates" for the support it provided “as we seek to accelerate the acquisition-focused element of our overall growth strategy.”
In 2019, private equity investor TA Associates bought a majority ownership stake in Wealth Enhancement Group from Lightyear Capital, which had owned the stake since 2015.
“With consolidation continuing across the RIA sector, TA's partnership and commitment will be powerful assets in positioning Wealth Enhancement Group to lead and shape the landscape of our industry as we continue to establish ourselves as a national wealth management and financial planning brand," Dekko said in a statement.
When the transaction closes, the entire HFA team of 26 individuals, including nine financial advisers and four seasonal tax consultants, will join Wealth Enhancement Group.
Launched in 2005 by founder and CEO Peter Hoover, HFA provides comprehensive financial planning services, investment management and insurance solutions.
"We are thrilled to welcome Hoover Financial Advisors to our platform,” Dekko said. “HFA's holistic approach to addressing clients' long-term planning needs with a particular focus on financial planning serves as a powerful example of the right way to foster meaningful, lifelong client relationships.”
Eliseo Prisno, a former Merrill advisor, allegedly collected unapproved fees from Filipino clients by secretly accessing their accounts at two separate brokerages.
The Harford, Connecticut-based RIA is expanding into a new market in the mid-Atlantic region while crossing another billion-dollar milestone.
The Wall Street giant's global wealth head says affluent clients are shifting away from America amid growing fallout from President Donald Trump's hardline politics.
Chief economists, advisors, and chief investment officers share their reactions to the June US employment report.
"This shouldn’t be hard to ban, but neither party will do it. So offensive to the people they serve," RIA titan Peter Mallouk said in a post that referenced Nancy Pelosi's reported stock gains.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.