In his second deal in less than a month, Private Ocean co-founder Greg Friedman announced his firm has added $380 million in client assets with the acquisition of Lakeview Financial Group.
“We are delighted to expand our services to clients on the West Coast and beyond, and look forward to working alongside these experienced, successful and talented advisors,” Friedman said in a statement.
Earlier this month, Friedman sold Junxure, the client relationship management software firm he founded,
In Lakeview, Friedman and his team "saw a perfect fit," he said in a statement.
Julie Back, a partner at Lakeview, said in the statement that advisors in both RIAs have seen eye to eye since meeting.
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The Broker Protocol, the new tax law and the fate of the bull market are expected to influence RIA deal-making in 2018.
January 21 -
CEO Greg Friedman says the popular CRM will stay client-focused under new ownership.
January 2 -
Capital is pouring into the RIA market, resulting in more deals, more competition and higher prices.
January 1
“Over the last 18 months since we initially met Greg and the Private Ocean team, we have been struck by our firms’ similarities in philosophy and the client process,” she said.
The two RIAs, with names evoking their watery locales, have offices on the West Coast, with Lakeview blocks away from Lake Union in Seattle and Private Ocean a short drive from San Pablo Bay north of San Francisco in the city of San Rafael.
Lakeview was founded in 2006 and Private Ocean was formed in 2009 after a merger of two wealth management firms in the San Francisco Bay Area, Salient Wealth Management and Friedman & Associates.
The two firms are now branded under the Private Ocean name.
