Wealth Enhancement Group adds $350 million planning firm in Florida

Wealth Enhancement Group, a Minneapolis, Minn.-based hybrid overseeing $8.9 billion in assets, has agreed to acquire Retirement Strategies Inc., a registered investment adviser and planning firm managing more than $350 million in assets and based in Jacksonville, Fla.

Financial terms of the transaction were not disclosed. The transaction is expected to close in September 2018.

(More: Record 48 RIA mergers and acquisitions took place in Q2)

Founded in 1994, RSI is led by partners Bill Carr, Bill Hart and Mary Beth Neeley, and focuses on providing financial planning and investment management services for investors who are planning for retirement.

Wealth Enhancement Group, which is owned by Lightyear Capital, said in a release that it added $1 billion in client assets organically in 2017 and has made seven acquisitions, including RSI, in the last five years.

(More: Wealth Enhancement Group acquires Cimino Wealth Advisors)