The transaction is expected to close in the first quarter of 2021, after which the practice will do business as the Reby Advisory Teams of Wealth Enhancement Group.
"The acquisition demonstrates Wealth Enhancement Group's continued focus on building local scale in key markets across the country," it said Thursday.
In October, Wealth Enhancement Group announced another acquisition in the New York region — 10-15 Associates, an RIA with $932 million in client assets based in Goshen, New York.
Explaining why his firm was attracted to Reby Advisors, Jeff Dekko, Wealth Enhancement Group CEO, said: "As we expand our geographic footprint in markets around the country, including the New York metro area — encompassing the city itself as well as the New Jersey, New York and Connecticut suburbs — we aim to make strategic investments in high-quality advisory firms whose entrepreneurial spirit and desire for constant improvement aligns with our own."
Reby and his team met those criteria, Dekko said. Noting that Reby Advisors has been providing financial advice to clients for more than three decades, Dekko said its team "built a solid foundation on which to continue their growth as part of Wealth Enhancement Group" and "we look forward to helping them accelerate their growth on our platform."
When Reby Advisors started "identifying a strategic partner to help propel the next stage of our growth, Wealth Enhancement Group quickly rose to the top as the best overall fit for our culture and the needs of our firm — from its industry-leading technology offerings to its expertise in driving economies of scale and top-line growth," Reby said.
Wealth Enhancement Group and its RIA, Wealth Enhancement Advisory Services, had more than $26.4 billion in client brokerage and advisory assets as of Dec. 31, it said. Although Wealth Enhancement Group, owned by private equity firm TA Associates, is mainly an RIA, it conducts some commission-based business through LPL Financial.
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