Lightyear Capital-backed Wealth Enhancement buys Sound Financial in Houston

Lightyear Capital-backed Wealth Enhancement buys Sound Financial in Houston
Sound Financial has $260 million in brokerage and advisory assets
MAY 10, 2016
Lightyear Capital-backed Wealth Enhancement Group has agreed to buy Sound Financial Solutions in Houston as it seeks to build a national presence. The purchase of Sound Financial, which has $260 million in brokerage and advisory assets, is its second under the ownership of private-equity firm Lightyear Capital, according to an announcement expected to be released this afternoon. Wealth Enhancement said in March that it was buying HHG & Co., a registered investment advisory firm in Darien, Conn. with $1.3 billion of assets. The pending deals will increase client assets at Wealth Enhancement, a Plymouth, Minn.-based firm providing investment and financial planning services for the mass affluent, to about $6 billion. “Lightyear Capital continues to fuel our successful growth agenda across the country,” Jeff Dekko, chief executive officer of Wealth Enhancement Group, said in a statement. “Our platform is really built to provide all of our clients with resources and service that are on par with offerings in the high-net-worth sector.” Wealth Enhancement is dually registered as an RIA and a broker-dealer offering securities through LPL Financial. Lightyear Capital, founded by its chairman Donald Marron, bought a majority stake in the wealth management firm last year. The purchase of Sound Financial, which also has a hybrid business model, is expected to be completed by the end of June.

Latest News

Integrated Partners, Kestra welcome multigenerational advisor teams
Integrated Partners, Kestra welcome multigenerational advisor teams

Integrated Partners is adding a mother-son tandem to its network in Missouri as Kestra onboards a father-son advisor duo from UBS.

Trump not planning to fire Powell, market tension eases
Trump not planning to fire Powell, market tension eases

Futures indicate stocks will build on Tuesday's rally.

From stocks and economy to their own finances, consumers are getting gloomier
From stocks and economy to their own finances, consumers are getting gloomier

Cost of living still tops concerns about negative impacts on personal finances

Women share investing strengths, asset preferences in new study
Women share investing strengths, asset preferences in new study

Financial advisors remain vital allies even as DIY investing grows

Trump vows to 'be nice' to China, slash tariffs
Trump vows to 'be nice' to China, slash tariffs

A trade deal would mean significant cut in tariffs but 'it wont be zero'.

SPONSORED Compliance in real time: Technology's expanding role in RIA oversight

RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.

SPONSORED Advisory firms confront crossroads amid historic wealth transfer

As inheritances are set to reshape client portfolios and next-gen heirs demand digital-first experiences, firms are retooling their wealth tech stacks and succession models in real time.