Wealth Enhancement Group acquires Cimino Wealth Advisors

Wealth Enhancement Group, an independent hybrid firm managing $8.4 billion in assets, has acquired Cimino Wealth Advisors, a hybrid managing $494.5 million in client assets in Clinton, Wisc.

Terms of the acquisition were not announced.

Wealth Enhancement Group and Wealth Enhancement Advisory Services, its registered investment adviser, are based in Plymouth, Minn., and have clients in more than 40 states. The firm was founded in 1997 and is backed by Lightyear Capital, a private equity firm specializing in financial services investing, Wealth Enhancement Group serves clients in more than 40 states.

The acquisition creates the firm’s first Wisconsin office and expands its footprint across Iowa, Illinois, Minnesota and Wisconsin, in addition to teams based in Connecticut, Florida and Texas.