Wealth Enhancement Group of Minneapolis has absorbed an advisory firm in Chicago, giving it its first physical presence in the city.

The firm did not disclose the terms of the deal, but it announced today that Summit Wealth Advisors, an RIA with nearly $300 million under management, and its team of five advisors will operate under the Wealth Enhancement Group name. Summit's founder, Kevin Meehan, will be Wealth Enhancement's regional president for Chicago.

Wealth Enhancement Group, which has $3.7 billion in assets under management and 40 financial advisors, offers financial planning and investment management in 40 states to retail clients with $100,000 to $5 million in investable assets. It also provides retirement plan services for qualified and non-qualified employer-sponsored retirement plans.

The Summit deal is the first step in an anticipated expansion for Wealth Enhancement Group that will include mergers with independent practices across the country, says Jeff Dekko, CEO of Wealth Enhancement Group.