Wealth Enhancement Group, a Minnesota-based wealth manager with $8.4bn in assets, has acquired Wisconsin-based peer Cimino Wealth Advisors for an undisclosed sum.
The deal adds $494.5m in assets to Wealth Enhancement Group’s books and offers the firm it first Wisconsin office.
Wealth Enhancement Group CEO Jeff Dekko said: “Given our strong client base in Wisconsin, we felt it was high time to establish a physical presence there as well. This partnership is a great fit with our overall expansion strategy, and we are excited to get to work with Vince and his team.”
As part of the deal, Cimino president and founder Vince Cimino will join Wealth Enhancement Group’s Wisconsin office as a senior vice president and financial adviser.
“With Cimino Wealth Advisors, we saw a fantastic opportunity to continue our growth story by partnering with a firm who delivers comprehensive financial planning and investment management to help their clients strive toward their financial goals. The Cimino team is an outstanding advisory team whose work ethic and reputation for putting clients first meshes perfectly with our values,” Dekko added.