Wealth Enhancement Group of Minneapolis has signed an agreement to purchase GDM Advisory Group of Fort Washington, Pa.
“We are thrilled to partner with the outstanding team at GDM Advisory Group,” Jeff Dekko, chief executive officer of Wealth Enhancement Group said. “Establishing a critical mass of advisory capabilities and clients in key markets has long been a crucial priority for Wealth Enhancement Group as we seek to build on the 5-year momentum of our multi-faceted growth strategy.”
Founded in 1993, GDM Advisory Group has $470 million in client assets and provides independent financial guidance to approximately 250 individuals and families through a purely fee-based model and a customized client service model.
The acquisition is the second in the Philadelphia area since Wealth Enhancement Group acquired OneSource Retirement Advisors of Malvern, Pa. earlier this year, bringing to eight the number of wealth management firms acquired over the past five years.
In 2013, Wealth Enhancement Group acquired Summit Wealth Advisors of Chicago.
Further expanding in 2016, Wealth Enhancement Group acquired Connecticut-based HHG & Company of Darien and Sound Financial Solutions of Houston.
By 2017, Wealth Enhancement Group had acquired CLA Financial Advisors of Chicago and CPA Retirement Planning of Jacksonville.
In addition to acquiring OneSource earlier in 2018, Wealth Enhancement Group acquired Wisconsin firm Cimino Wealth Advisors of Clinton and Retirement Strategies, Inc. of Jacksonville.
While headquartered in Minneapolis, Wealth Enhancement Group has offices nationwide in Florida, New York, Connecticut, Minnesota, Wisconsin, Iowa, Illinois and Texas.
Founded in 1997 and backed by Lightyear Capital, LLC, a private equity firm specializing in financial services investing, Wealth Enhancement Group serves clients in more than 40 states. The firm specializes in providing retail clients with team-based expertise and resources.