MINNEAPOLIS, June 17, 2021 /PRNewswire/ -- Wealth Enhancement Group, an independent wealth management firm, today announced that it has acquired Lighthouse Wealth Management, an independent hybrid registered investment adviser (RIA) based in New Market, Md., that has $446 million in total client assets. Upon closing of the transaction, Wealth Enhancement Group's total client assets are expected to exceed $36 billion.*
Established in 1992 by Co-Founding Partners Thomas Kozlowski and Andrew Wilson, Lighthouse has eight financial advisors among its 13 employees. The practice specializes in financial planning, wealth management and tax services for clients at or near retirement or those experiencing another life-changing event. With the addition of its client footprint of about 400 families in Maryland and the surrounding states, Lighthouse will help bolster Wealth Enhancement Group's presence in the densely populated Mid-Atlantic region. It will be Wealth Enhancement Group's third office in the area, joining locations in Fulton, Md., and Virginia Beach, Va.
Jeff Dekko, Chief Executive Officer of Wealth Enhancement Group, said, "Tom Kozlowski, Andy Wilson and the rest of their team are tremendous additions to the Wealth Enhancement Group family, and we are thrilled to start collaborating with them. Their nearly three-decade run of excellent client service and business growth is a testament to their experience in building a great brand and a solid operations infrastructure. Wealth Enhancement Group is ready to support their continued success as we help them realize their full potential. The future looks bright, and we are thrilled to bring them on board."
Jim Cahn, Wealth Enhancement Group's Chief Investments & Business Development Officer, said, "When we looked at what Tom, Andy and their team offered their clients, we immediately saw there was a close alignment of their approach with our own financial planning-centric philosophy. We are so excited to add such a strong team to the Baltimore/Washington market. The partners' focus on holistic wealth management aligns with our vision of where the wealth management industry is going."
Upon closing, the practice will be called the Lighthouse Team, and Mr. Kozlowski and Mr. Wilson will serve as Senior Vice Presidents, Financial Advisors at Wealth Enhancement Group.
Mr. Kozlowski said, "Since Lighthouse's founding nearly 30 years ago, Andy and I have focused on providing our clients a comprehensive, 'one-stop shop' experience for all their financial needs. We are taking this step with Wealth Enhancement Group because the firm has the resources, technology and expertise to help us devote more time and energy to our clients and serve them at an even higher level than before, all while operating more efficiently."
Mr. Wilson concluded, "An RIA firm such as ours has fielded more than a few inquiries from potential acquirers over the years. We chose Wealth Enhancement Group because its combination of scale, technology and expertise makes them the ideal partner to help us achieve our vision of success. We look forward to this new chapter and all that it will empower us to do in service of our clients."
Financial terms of the transaction were not disclosed. The transaction is expected to close on July 1, 2021.
About Wealth Enhancement Group
Wealth Enhancement Group is a Greater Minneapolis-based independent wealth management firm offering comprehensive and customized financial planning and investment management services. Founded in 1997, Wealth Enhancement Group serves clients nationwide. Wealth Enhancement Group specializes in providing retail clients with the team-based knowledge and resources they need to simplify their financial life. For more information, please visit www.wealthenhancement.com.
Advisory services offered through Wealth Enhancement Advisory Services, LLC (WEAS), a registered investment advisor. Certain, but not all, investment advisor representatives (IARs) of WEAS are also registered representatives of and offer securities through LPL Financial, Member FINRA/SIPC. Wealth Enhancement Group and Wealth Enhancement Advisory Services are separate entities from LPL Financial. Wealth Enhancement Group is a registered trademark of Wealth Enhancement Group, LLC.
*Wealth Enhancement Group and its Registered Investment Advisor, Wealth Enhancement Advisory Services, had $31.79 billion in client brokerage and advisory assets as of 5/31/2021. Lighthouse Wealth management had $446 million in client assets as of 3/31/2021. With the expected closing of the previously announced transactions and the Lighthouse Wealth Management closing on 7/1/2021, Wealth Enhancement Group expects to have $36.19 billion in client brokerage, advisory and trust assets as of 7/1/2021.
Joseph Kuo / Chris Clemens
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SOURCE Wealth Enhancement Group