Wealth Enhancement Group LLC agreed to acquire RCL Advisors LLC, a New York-based registered investment adviser.
The deal is expected to close Jan. 1, 2020. Financial terms of the transaction were not disclosed.
The acquisition of RCL Advisors will expand Wealth Enhancement Group's presence in the New York-New Jersey-Connecticut tristate area.
RCL Advisors had nearly $1.4 billion in advisory assets as of Sept. 30. Wealth Enhancement Group and its registered investment adviser, Wealth Enhancement Advisory Services, had about $13.6 billion in client brokerage and advisory assets as of the same date, according to a news release.