Minneapolis-based Wealth Enhancement Group on Thursday said it has signed a definitive agreement to buy New York-based RCL Advisors, a registered investment advisor with nearly $1.4 billion in combined assets, according to a company release.

This marks the 14th acquisition over the past six years for Wealth Enhancement Group and establishes the firm's second location in Manhattan. It’s also the firm’s 28th office.

The transaction is expected to close on Jan. 1, 2020. Financial terms were not disclosed.

RCL Advisors, which has 12 employees, including five financial advisors, focuses on serving high-net-worth individuals and families, as well as institutions. The firm offers a broad range of services, including investment management, retirement planning, trust and estate planning, education planning, cash and debt management, and tax strategies for individuals and families. Also, it provides comprehensive support, guidance and strategic planning services to assist clients in fulfilling their fiduciary duties for institutions.

Jeff Dekko, CEO of Wealth Enhancement Group, said upon first meeting with RCL they immediately saw that they would be a great fit with Wealth Enhancement Group. “They are entrepreneurial and passionate about providing clients with an amazing service experience, and their excellent track record proves it. We look forward to working with RCL Advisors to build on their success, and we are excited to help them continue to expand their presence in the tri-state area – a geography that is a key strategic focus for us going forward," Dekko said in a statement.

Wealth Enhancement Group and its registered investment advisor, Wealth Enhancement Advisory Services, have approximately $13.6 billion in client brokerage and advisory assets as of September 30. The independent wealth management firm offers comprehensive and customized financial planning and investment management services to clients in more than 40 states.