Investor Solutions, a $1.1 billion registered investment advisor in Miami, Fla., is the latest acquisition made by Wealth Enhancement Group, a Plymouth, Minn.-based independent wealth management firm that has been aggressively snapping up advisors this year.
Financial terms of the transaction, which is expected to close in October, were not disclosed. Upon closing, Investor Solutions will do business under the Wealth Enhancement Group brand, and founder Frank Armstrong will serve as senior vice president and financial advisor, according to a news release.
The acquisition is the 10th this year for Wealth Enhancement Group. Since June 1, the firm has added 44 advisors and about $7.9 billion in assets to its platform. Its total client assets are expected to top $40 billion after it completes the deal for Investor Solutions.
Established in 1993, Investor Solutions will be Wealth Enhancement Group’s first location in South Florida and fourth in the Sunshine State, adding to two offices in Jacksonville and one in Tampa, the release noted.
The firm’s leadership team also includes financial advisors Richard Feldman, Robert J. Gordon and Brett Fingerhut. It has six financial advisors in total and provides comprehensive wealth management for individuals and families as well as advisory services for retirement plans, endowments and nonprofit organizations, the news release said.
“Wealth Enhancement Group has long considered South Florida to be a crucial market for expansion as we strive to build scale and a strong client service presence in key regions of the country,” Jeff Dekko, CEO of Wealth Enhancement Group, said in a statement. “In Frank Armstrong and the Investor Solutions team, we have found a strong partner that possesses the ideal combination of characteristics: A nearly 30-year track record of client success and a deep desire to continue growing and developing their capabilities.”
Armstrong said Investor Solutions had a range of choices of wealth management firms to partner with which to facilitate the firm’s next stage of growth. “But Wealth Enhancement Group made our decision an easy one thanks to the technology, expertise and other support that Jeff Dekko, Jim Cahn and the entire organization bring to the table,” he said.