Wealth Enhancement Group Announces Acquisition of Hoover Financial Advisors, a Philadelphia-Area RIA with $1.46 Billion in Total Client Assets

Rapidly-Growing RIA Backed by Private Equity Firm TA Associates Accelerates Acquisition-Focused Component of its Growth Strategy, Further Strengthens Footprint in Northeast US

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Wealth Enhancement Group

Jun 03, 2021, 06:00 ET

MINNEAPOLIS, June 3, 2021 /PRNewswire/ -- Wealth Enhancement Group, an independent wealth management firm, today announced that it has acquired Hoover Financial Advisors (HFA), an independent hybrid registered investment adviser (RIA) based in Malvern, Pa. that has $1.46 billion in total client assets. Upon closing of the transaction, Wealth Enhancement Group's total client assets are expected to exceed $34.6 billion.*

Jeff Dekko, Chief Executive Officer of Wealth Enhancement Group, said, "We are thrilled to welcome Hoover Financial Advisors to our platform. Pete Hoover and the team at HFA have built an impressive firm with a strong track record for growth. HFA's holistic approach to addressing clients' long-term planning needs – with a particular focus on financial planning – serves as a powerful example of the right way to foster meaningful, lifelong client relationships. We look forward to working with the talented team from HFA to accelerate their growth by leveraging our centralized wealth management, back office and technology platforms."

Mr. Dekko continued, "We are also pleased to enjoy the continued, enthusiastic support of our capital partner, TA Associates, as we seek to accelerate the acquisition-focused element of our overall growth strategy. With consolidation continuing across the RIA sector, TA's partnership and commitment will be powerful assets in positioning Wealth Enhancement Group to lead and shape the landscape of our industry as we continue to establish ourselves as a national wealth management and financial planning brand."

Launched in 2005 by Founder and Chief Executive Officer Peter K. Hoover, CFP®, HFA provides comprehensive financial planning services, investment management and insurance solutions to retirees, pre-retirees and other clients. Now partnering with President William B. Mullin, CFP®, Mr. Hoover and the HFA team specialize in establishing strategic and executable financial plans for clients, enabling them to transition smoothly from their working years to a comfortable and sustainable retirement. The team also provides education planning, income tax strategy planning, cash flow management, group benefits and tax preparation services.

Upon closing of the transaction, the entire HFA team of 26 individuals, including nine financial advisors and four seasonal tax consultants, will join Wealth Enhancement Group, building upon the firm's long-term approach of building scale in key local markets through strategic acquisitions that support national growth.

Peter K. Hoover said, "We are excited to join such a strong and client-focused organization as Wealth Enhancement Group. Our team sought a strategic partnership that would expand our services and enable our professionals to spend more time with our growing client base, and – with Wealth Enhancement Group's robust centralized back office and portfolio management resources – this new relationship puts us in the perfect position to do just that. This transaction allows us to move forward in a business-as-usual manner, while significantly enhancing our technological capabilities and expanding our team-based approach to client service."

Financial terms of the transaction were not disclosed. The transaction is expected to close on July 1.

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 $31.58 billion in client brokerage and advisory assets as of 4/30/2021. With the previously announced addition of Pillar Pacific Capital Management ($1.6 billion) on 6/1/2021 and with the expected closing on 7/1/2021 of Hoover Financial Advisors ($1.46 billion), Wealth Enhancement Group plans to have $34.64 billion in client brokerage, advisory and trust assets as of 7/1/2021.

Media Contacts
Joseph Kuo / Chris Clemens
Haven Tower Group
424 317 4851 or 424 317 4854
[email protected] or [email protected]

SOURCE Wealth Enhancement Group