Wealth Enhancement Group says it’s acquiring a large hybrid registered investment advisor firm in the Philadelphia area.

Founded in 2005 by CEO Peter Hoover, Malvern, Pa.-based Hoover Financial Advisors has 26 team members, including nine financial advisors and four tax consultants, overseeing $1.46 billion, according to Wealth Enhancement Group. Hoover Financial offers financial planning as well as education planning, income tax strategy planning, cash flow management, group benefits and tax preparation services, Wealth Enhancement Group says.

The companies didn't diclose the financial terms of the deal, which is expected to close on July 1.

As part of the deal, Hoover Financial’s entire team will join Wealth Enhancement Group, the company says.

Founded in 1997, Wealth Enhancement Group says it had $31.58 billion in client brokerage and advisory assets as of the end of April. The company was one of the top RIA acquirers in 2020, with five deals, according to Devoe. In January 2021, the company announced that it’s acquiring the $727 million Reby Advisors.

With the addition of Hoover Financial, as well as the previously announced acquisition of Pillar Pacific Capital Management, which manages $1.6 billion, Wealth Enhancement Group says it will have $34.64 billion in client brokerage, advisory and trust assets as of July 1.

Wealth Enhancement Group and Wealth Enhancement Advisory Services offer securities through LPL Financial but are separate entities from LPL.

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