Wealthspire Advisors, an SEC-registered investment advisor owned by national insurance brokerage NFP, has signed an agreement to purchase Sage Financial Advisors, a Reno, Nev.–based RIA with about $194 million in client assets.
Founded in 1996, Sage provides specialized services to executives, health professionals, entrepreneurs and retired individuals. President Brian Loy and the rest of the Sage team will join Wealthspire once the transaction closes before the end of the year.
“This transition enables us to be part of a much deeper team with national scope, enhanced resources and ever-evolving capabilities—all while remaining true to our purpose of serving our clients,” Loy said. “It also supports our long-term succession plan and growth for our team.”
“Sage gains enhanced capabilities for their clients along with other resources, such as technology and marketing,” said David DeVoe, CEO of DeVoe & Company, the RIA-focused M&A consultant that served as an advisor to Sage in the transaction. “Wealthspire gains a like-minded team and another foothold, as it expands in the West.”
Wealthspire, which was created when NFP’s Sontag Advisory merged with Bronfman Rothschild in 2019, branched out to the West Coast last year with the purchase of Private Ocean in California and Washington. With this latest acquisition, Wealthspire, headquartered in New York City, will oversee approximately $17 billion in assets across 20 offices in 10 states.
“With this addition, we expand our growing presence in the West and further reinforce our firm as a truly national RIA,” said Wealthspire CEO Mike LaMena.
Sage will be the second firm that Wealthspire onboards this year, following the integration of $2 billion NFP subsidiary Lenox Wealth Advisors in January, and the first since NFP announced in May it was restructuring to better highlight its wealth management and retirement businesses. Taken together, the Wealth & Retirement segment represents about 17% of NFP’s total revenue.
“The reorg has amplified the M&A and recruitment opportunities through NFP by clarifying the Wealthspire story internally at NFP and externally within our industry as the platform of choice for building the individual wealth management business,” said Hoyt Stastney, general counsel and head of M&A for Wealthspire.
NFP is backed by Chicago-based private equity firm Madison Dearborn.