Wealth Enhancement Group has acquired Financial Management Concepts, led by founder and president Brian Fricke.
The deal, whose financial terms were not disclosed, is slated to close at the end of this month.
Founded in 1991, Florida-based Financial Management Concepts specialises in retirement planning, income distribution strategies and low lifetime tax tactics.
The firm also assists its clients in financial complexities related to the care of ageing parents.
The deal adds $188m of client assets to Wealth Enhancement, bringing its total client assets to over $55.6bn.
Fricke said: “Wealth Enhancement Group understands our unique approach and will allow us the flexibility to continue our philosophy.
“I’m excited to partner with a firm that has the culture, resources and support we need to attain our growth objectives and continue defining our own success.”
Following the transaction, Fricke will assume the role of senior vice president and financial advisor.
Wealth Enhancement CEO Jeff Dekko said: “Brian has built an incredible business over 31 years in helping private clients close to retirement, or already retired, develop financial plans that address their top fear — running out of money.
“In addition to running a strong practice, Brian is the author of two books and currently serves on the Board of Trustees of the LCMS Foundation and the New Smyrna Beach Fire Pension BoardWe’re proud to add Financial Management Concepts to our ever-growing roster of high-quality RIAs and look forward to years of collaboration.”
The deal continues Wealth Enhancement’s acquisition streak. Earlier this month, the firm scooped up Northern California-based RIAs Napa Valley Wealth Management and TrueNote Investment Advisors.
Last year, it took over a number of RIA firms, including Vivid Financial Management and Walnut Creek Wealth Management.
Commenting on the latest deal, Wealth Enhancement Group chief investments and business development officer Jim Cahn said: “The fact that Brian and his team chose Wealth Enhancement Group is a testament to the strength of our value proposition of enabling financial advisors to build their business, operate more efficiently and serve clients more effectively. We’re excited to start this new relationship with such a highly respected firm.”