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Industry Spotlight > Broker Dealers

2 Advisor Groups With LPL Ties Merge

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Minneapolis-based Wealth Enhancement Group, which has some $7.5 billion in client assets, says that it has bought CPA Retirement Planning, a practice affiliated with National Planning Holdings that has its headquarters in Jacksonville, Florida.

Backed by private equity firm Lightyear Capital, Wealth Enhancement Group has more than 10,000 clients. Its RIA includes 59 advisors, 51 of whom are affiliated with LPL Financial, which recently acquired the assets of the NPH broker-dealers. CPARP has two registered reps.

“Adding CPA Retirement Planning’s business to Wealth Enhancement Group provides a servicing platform for clients in Florida and also allows CPA Retirement Planning’s clients to benefit from the extended expertise of our Roundtable team of specialists,” said Jeff Dekko, CEO of Wealth Enhancement Group, in a statement.

Lightyear Capital acquired the Advisor Group of independent broker-dealers in early 2016. The IBDs — FSC Securities, Royal Alliance, SagePoint Financial and Woodbury Financial — formerly were owned by AIG.

Other Developments

In other news, Kestra Financial says it completed its acquisition of H. Beck from Securian Financial Group. Kestra has about 1,700 indie advisors while and H. Beck includes roughly 600 advisors.

In terms of assets under management at its RIAs, Kestra had $21 billion as of August, while H. Beck had about $2.5 billion. (These figures do not include assets under administration.)


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