Wealth Enhancement Group is acquiring RIA Serafini Financial Group, which has four financial advisors and $853 million in total client assets. The deal should close by Aug. 1 and bring WEG's total client assets to some $39 billion.
The transaction is the LPL affiliate's ninth purchase this year. Since June 1, the firm — which is based in the greater Minneapolis area — has added nearly 40 advisors and about $7 billion in assets to its platform via acquisitions.
Serafini is based in Hagerstown, Maryland, and was founded by Andrew A. Serafini in 1990. After the deal is wrapped up, he will work with clients as a senior vice president and advisor.
