Wealthspire Advisors, a New York Metropolis-based registered funding advisory agency owned by world insurance coverage brokerage NFP, has agreed to purchase GM Advisory Group, an RIA overseeing round $6.3 billion in suggested and managed property.
With workplace areas in New York Metropolis, Lengthy Island and Boca Raton, Fla., the acquisition will add a crew of greater than 40 to Weathspire and convey the agency to round $24.4 billion in whole property. Anticipated to shut within the fourth quarter of the yr, the deal will signify Wealthspire’s largest acquisition because it was created in 2019 through the merger of Sontag Advisory and Bronfman Rothschild with round $10 billion in mixed property.
Based by Managing Principal Frank Marzano in 2004, GMAG supplies boutique wealth administration providers for near 600 purchasers, in line with a current Kind ADV submitting. It manages about $3 billion in property, with $3.3 billion in property below advisement.
“I’ve personally identified Frank Marzano for a few years, and his ardour for serving purchasers and his relentless dedication to his individuals are mirrored within the large success they’ve skilled over almost twenty years,” Wealthspire CEO Mike LaMena mentioned in an announcement.
“This transaction permits us to sharpen our give attention to caring for our present purchasers and develop entry to the options and providers they want,” added Marzano. “My objective on this partnership is to proceed what we have began at GMAG—to drive exponential development by way of constructing trusted relationships and by innovating our service providing to satisfy the evolving and complicated wants of our purchasers.”
At Wealthspire, Marzano mentioned he hopes to extend natural development and pursue “modern new alternatives” to develop geographically and develop market share.
GMAG is the fourth addition Wealthspire has introduced in 2023, together with $300 million AUM Heron Wealth in March, $1 billion ACG Wealth Administration in June, and Amanda Phillips-DeSaverio, a person advisor with $60 million in property who joined the agency’s new Denver location this summer season. Together with natural development, the agency has elevated property by greater than $7 billion since final fall.
This newest acquisition will develop Wealthspire’s presence on its East Coast dwelling turf. With 21 workplace areas, the agency at present has a presence in 12 states and has been bicoastal since its acquisition of California-based Non-public Ocean in 2021.
Backed by Chicago-based non-public fairness agency Madison Dearborn, NFP’s wealth administration unit accounts for a bit greater than 16% of annual income, or $362 million in 2022. The corporate’s advantages and life insurance coverage phase contains a bit greater than half, whereas property and casualty make up greater than a 3rd.