Lightyear Capital-backed Wealth Enhancement Group says it is purchasing OneSource Retirement Advisors of Malvern, Pennsylvania, near Pittsburgh — a deal that could push WEG’s $9.3 billion of client assets up by about $275 million.
“OneSource’s holistic approach, which focuses on guiding clients through their pre- and post-retirement years by leveraging the combined expertise of a team that includes an in-house attorney, a CPA and certified financial planners, is a perfect fit with our client-service philosophy,” according to Jeff Dekko, CEO of Minneapolis-based Wealth Enhancement Group.
Earlier this year, WEG gobbled up Cimino Wealth Advisors of Clinton, Wisconsin, and Retirement Strategies of Jacksonville, Florida. Last year, it acquired CLA Financial Advisors of Chicago and CPA Retirement Planning of Jacksonville.
For its part, Lightyear Capital bought a stake in HPM Partners from Emigrant Bank earlier this year. In 2016, the private equity firm acquired the Advisor Group of independent broker-dealers from AIG.
“Wealth Enhancement Group, with its exceptional personnel, client service philosophy, and team-based approach to portfolio management, financial planning and operational support, is exactly the partner we were looking for to continue to grow our business and provide our clients with the financial clarity and confidence they deserve,” said OneSource Retirement Advisors President John O’Brien, CFP, in a statement.
Financial terms of the latest WEG transaction were not disclosed, but the deal should close in November.