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Wealth Enhancement Group to acquire Houston-based wealth management firm

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Wealth Enhancement Group to acquire Houston-based wealth management firm

Wealth Enhancement Group agreed to acquire Sound FinancialSolutions LP, a Houston-based wealth management firm.

Sound Financial serves about $260 million in brokerage andadvisory assets, according to a May 2 news release. The company's employees willbecome part of Wealth Enhancement Group. Sound Financial's senior executives,Larry Smith, Lance Moreland and Geoffrey Lanceley, will serve as leaders ofWealth Enhancement Group's newly established Houston branch teams.

Terms of the deal were not disclosed. The transaction isexpected to close in the second quarter.

In addition, Wealth Enhancement Group disclosed that itsacquisition ofHHG & Co. LLC isscheduled to close in the third quarter. The transaction was previouslyexpected to be completed in the second quarter.

Upon completion of both transactions, Wealth EnhancementGroup expects to have about $6 billion in client assets.

Wealth Enhancement Group is a Greater Minneapolis-basedindependent wealth management firm that offers financial planning andinvestment management services.