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Wealth Enhancement Group is acquiring Planning Solutions Group — a move that should add 15 advisors and $1.3 billion to its asset base, which now totals about $11.3 billion.

Minneapolis-based WEG says the deal will give it a base in the Baltimore/Washington, D.C., area. The purchase is its twelfth since late 2013. Earlier this year, the firm acquired Summit Planning Group of Green Bay, Wisconsin, and Wiley Group of West Conshohocken, Pennsylvania.

“At Wealth Enhancement Group, we are trying to build substantial operational scale, both nationally and in each market we serve. The addition of a business such as Planning Solutions Group helps us immensely along the way to that goal,” according to WEG CEO Jeff Dekko.

Financial terms of the deal were not disclosed, and the transaction should close by Aug. 1.

Growth Spurt  

WEG has grown its assets organically by more than $1 billion per year in both 2017 and 2018.

Planning Solutions Group also has an office in Virginia Beach, Virginia.

We believe in building long-term relationships with our clients rather than shooting for short-term gains. When we first began discussions with Wealth Enhancement Group, we were gratified to know that Jeff and his team believe the same,” according to Robert Carson, managing partner at Planning Solutions Group.

“With that alignment in place, along with the scale and efficiencies we stand to gain, there was no question in our minds that joining the Wealth Enhancement Group was the best way to go, for our clients and for PSG,” Carson added.