Wealthspire Advisors, a New York City-based registered investment advisory firm owned by global insurance brokerage NFP, has agreed to buy GM Advisory Group, an RIA overseeing around $6.3 billion in advised and managed assets.
With office locations in New York City, Long Island and Boca Raton, Fla., the acquisition will add a team of more than 40 to Weathspire and bring the firm to around $24.4 billion in total assets. Expected to close in the fourth quarter of the year, the deal will represent Wealthspire’s largest acquisition since it was created in 2019 via the merger of Sontag Advisory and Bronfman Rothschild with around $10 billion in combined assets.
Founded by Managing Principal Frank Marzano in 2004, GMAG provides boutique wealth management services for close to 600 clients, according to a recent Form ADV filing. It manages about $3 billion in assets, with $3.3 billion in assets under advisement.
"I have personally known Frank Marzano for many years, and his passion for serving clients and his relentless commitment to his people are reflected in the tremendous success they have experienced over nearly two decades,” Wealthspire CEO Mike LaMena said in a statement.
"This transaction allows us to sharpen our focus on taking care of our existing clients and expand access to the solutions and services they need,” added Marzano. “My goal in this partnership is to continue what we've started at GMAG—to drive exponential growth through building trusted relationships and by innovating our service offering to meet the evolving and sophisticated needs of our clients."
At Wealthspire, Marzano said he hopes to increase organic growth and pursue “innovative new opportunities” to expand geographically and grow market share.
GMAG is the fourth addition Wealthspire has announced in 2023, along with $300 million AUM Heron Wealth in March, $1 billion ACG Wealth Management in June, and Amanda Phillips-DeSaverio, an individual advisor with $60 million in assets who joined the firm’s new Denver location this summer. Including organic growth, the firm has increased assets by more than $7 billion since last fall.
This latest acquisition will expand Wealthspire’s presence on its East Coast home turf. With 21 office locations, the firm currently has a presence in 12 states and has been bicoastal since its acquisition of California-based Private Ocean in 2021.
Backed by Chicago-based private equity firm Madison Dearborn, NFP’s wealth management unit accounts for a little more than 16% of annual revenue, or $362 million in 2022. The company’s benefits and life insurance segment comprises a little less than half, while property and casualty make up more than a third.