Wealth Enhancement Group has acquired Cimino Wealth Advisors, an independent financial advisory practice with $494.5 million in client assets and based in Clinton, Wis.
Financial terms of the transaction were not disclosed.
Founded in 1997 and backed by Lightyear Capital, a private equity firm specializing in financial services investing, Wealth Enhancement Group serves clients in more than 40 states.
The acquisition marks the first Wisconsin office for Wealth Enhancement Group and expands the firm’s footprint across four contiguous Midwestern states — Minnesota, Wisconsin, Iowa and Illinois — in addition to teams based in Texas, Florida and Connecticut.
Cimino Wealth Advisors is led by Vince Cimino, who has been repeatedly recognized as one of Barron’s Top Financial Advisors and is a top 1 percent performer for LPL Financial, the nation’s largest independent broker-dealer, with which he will maintain his affiliation. Cimino will continue to lead the Wealth Enhancement Group Wisconsin office as a senior vice president, financial adviser.
Cimino has served as a founding member and director of the Gateway Community Bank in Roscoe, Ill., and has worked in the field of financial management since 1992.