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


MINNEAPOLIS, June 3, 2021 / PRNewswire / - Wealth Enhancement Group, an independent wealth management company, today announced the acquisition of Hoover Financial Advisors (HFA), an independent hybrid registered investment advisor (RIA) based in Malvern, Pa. that has $ 1.46 billion on all client assets. Upon completion of the transaction, the Wealth Enhancement Group's total client assets are expected to be in excess of $ 34.6 billion. *

Jeff Dekko, Chief Executive Officer of the Wealth Enhancement Group, said: "We are excited to welcome Hoover Financial Advisors to our platform. Pete Hoover and the team at HFA have built a formidable company with a strong track record of growth. HFA's holistic approach to meeting customers' long-term planning needs - with a particular focus on financial planning - is a strong example of the right way to maintain meaningful, lifelong customer relationships. We look forward to working with the talented team at HFA to accelerate their growth using our centralized wealth management, back office and technology platforms. "

Mr. Dekko continued, "We are also pleased to have the continued enthusiastic support of our capital partner TA Associates in accelerating the acquisition-led element of our overall growth strategy. As consolidation continues across the RIA sector, TA's partnership and commitment will be strong benefits in the." Be positioning the Wealth Enhancement Group to lead and shape the landscape of our industry as we continue to establish ourselves as the national wealth management and financial planning brand. "

Established in 2005 by the founder and chief executive officer Peter K. Hoover, CFP®, HFA provides retirees, early retirees and other clients with comprehensive financial planning services, investment management and insurance solutions. Now partnership with the President William B. Mullin, CFP®, Mr. Hoover and the HFA team specialize in creating strategic and executable financial plans for clients that will enable them to make a smooth transition from professional life to a comfortable and sustainable retirement. The team also provides educational planning, income tax strategy planning, cash flow management, group benefits, and tax preparation services.

Upon completion of the transaction, the entire HFA team of 26, including nine financial advisors and four seasonal tax advisors, will join the Wealth Enhancement Group for national growth.

Peter K. Hoover said, "We are excited to join such a strong and customer-centric organization as Wealth Enhancement Group. Our team was looking for a strategic partnership that would expand our services and allow our professionals to spend more time with our growing customer base, and - with Wealth The Enhancement Group's robust central 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 as usual while significantly improving our technological capabilities and ours team-based approach to customer service. "

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

About the Wealth Enhancement Group
Wealth Enhancement Group is a Greater Minneapolis-based independent asset management company providing comprehensive and bespoke financial planning and investment management services. Founded in 1997, the Wealth Enhancement Group serves clients across the country. The Wealth Enhancement Group specializes in providing private clients with the team-based knowledge and resources they need to simplify their financial lives. More information is available at www.wealthenhancement.com.

Advisory services provided by Wealth Enhancement Advisory Services, LLC (WEAS), a registered investment advisor. Certain, but not all, Investment Adviser Agents (IARs) of WEAS are also registered agents of LPL Financial, a member of FINRA / SIPC and offer securities. 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 $ 31.58 billion in customer brokerage and consulting assets as of April 30, 2021. With the previously announced inclusion of Pillar Pacific Capital Management ($ 1.6 billion) on 06/01/2021 and with the expected closure 07/01/2021 by Hoover Financial Advisors ($ 1.46 billion), plans the Wealth Enhancement Group $ 34.64 billion in client brokerage, advisory and trust assets from July 1st, 2021.

Media contacts
Joseph Kuo / Chris Clemens
Haven Tower Group
424 317 4851 or 424 317 4854
or

SOURCE Wealth Enhancement Group

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