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.”
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