On June 3, 2021, Wealth Enhancement Group announced that it will acquire Hoover Financial Advisors.
Under the terms of the transaction, Wealth Enhancement Group (“WEG”) will acquire Hoover Financial Advisors (“HFA”). Peter Hoover, HFA’s founder, and HFA’s twenty-six person team will join WEG. The transaction is expected to close on July 1, 2021. Upon closing, WEG’s total client assets are expected to exceed $34.6 billion. Further terms of the deal were not disclosed.
WEG, based in Minneapolis, is an independent wealth management firm offering comprehensive and customized financial planning and investment management services. As of April 30, 2021, WEG managed $31.58 billion in client brokerage and advisory assets.
HFA, based in Malvern, Pennsylvania, is a registered investment advisor providing comprehensive financial planning services, investment management and insurance solutions to retirees, pre-retirees and other clients. HFA has approximately $1.46 billion in client assets.
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