Wealth Enhancement Group, a Minneapolis-based wealth management firm claiming more than $57.3 billion in total client assets, announced it has acquired Bohmer Kilcoyne Wealth Management, a hybrid broker/dealer and registered investment advisor in Cincinnati, Ohio. Bohmer Kilcoyne’s team of three advisors and five support staff, led by Mike Bohmer and John Kilcoyne, will bring more than $677 million in client assets to the WEG platform.
“We look forward to welcoming Mike, John and their team to Wealth Enhancement Group. We are confident their approach of understanding their clients’ financial and personal needs to provide tailored services aligns well with our mission,” said WEG CEO Jeff Dekko. “Mike and John each bring 26 years of industry experience, and we are keen to leverage their experience to better serve our clients.”
Founded in 2001, Bohmer Kilcoyne serves individuals and families, physicians, executives, business owners, nonprofit groups, retirees and P&G expatriates.
“We are eager to partner with Wealth Enhancement Group to expand the offerings we can provide to our client base,” said Bohmer. “Joining forces will allow us to offload administrative work and spend more time with our clients, which is our No. 1 priority. We’re also looking forward to leveraging the robust growth programs at Wealth Enhancement Group, helping us to serve even more clients in the years ahead.”
Bohmer Kilcoyne’s comprehensive financial planning, wealth management, investment management, retirement income and distribution planning offerings will be enhanced by Wealth Enhancement Group’s tools and expertise, according to the announcement.
“Our partnership with Bohmer Kilcoyne Wealth Management marks our entry into a key market that connects our Midwest and East Coast presence,” said Jim Cahn, head of investments and business development for WEG. “We look forward to this collaboration and continuing our momentum.”
Echelon Partners, a boutique investment bank and consultant specializing in M&A and succession planning for the wealth and investment management industries, served as financial advisor to Bohmer Kilcoyne through the transaction.
“The founding partners of Bohmer Kilcoyne are young, which underscores the trend that many deals these days are done not for retirement but to become part of a team and to contribute to the growth of an organization by combining capabilities of the seller with the capabilities of the buyer,” said Echelon CEO Daniel Seivert. “The byproduct is that both firms are better suited for growth.”
Founded in 1997, Wealth Enhancement Group offers customized financial planning and investment management services to clients nationwide. While advice is offered through its RIA, Wealth Enhancement Advisory Services, some of the firm’s investment advisor representatives are also registered representatives of and offer securities through LPL Financial.
At the end of August this year, WEG and WEAS had $54.4 billion in client assets, including $4 billion in brokerage assets. Bohmer Kilcoyne had more than $677 million in client assets as of May. With the addition of previously announced acquisitions and the acquisition of Bohmer Kilcoyne, WEG now has more than $57.3 billion in client, advisory, trust and brokerage assets, serving more than 45,500 households from 75 offices around the country.