Wealthspire to acquire $3B RIA in firm's largest-ever deal

Wealthspire Advisors made the largest deal in its four-year history, securing an agreement to acquire an RIA that will add 40 employees to its team and push its assets past $24 billion.

With its headquarters in Melville, New York, and other locations in New York City and Boca Raton, Florida, GM Advisory Group manages about $3 billion in client assets and advises on another $3.3 billion, according to the Sept. 26 announcement. The incoming Wealthspire team led by founder Frank Marzano also has an insurance company and an investment management arm for private funds under common control, according to GM Advisory's Form ADV brochure. 

New York City-based Wealthspire, a subsidiary of insurer NFP, will reach $24.4 billion in client assets as a firm upon the expected close in the fourth quarter. The parties didn't disclose the financial terms.

"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. "We look forward to integrating Frank's leadership and collaborating on a strategy to drive growth, expand our services, and elevate the client experience."

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Marzano launched the firm in 2004, and its latest filing with the Securities and Exchange Commission lists nine employees registered as investment advisory representatives with state securities regulators. The firm has portfolio managers, family office accountants, several compliance and operations employees and other professionals besides traditional administrative employees such as relationship managers and assistants, according to GM Advisory's website.

"By joining Wealthspire, we are aligning with a like-minded and gifted team that celebrates individual contributions. We are excited to share our values and our vision of supporting the next generation, and we're energized about what the future will bring," Marzano 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."

Wealthspire opened in 2019 with the merger of two registered investment advisory firms that each had $6 billion in client assets at the time — Sontag Advisory and Bronfman Rothschild. After the acquisition of San Rafael, California-based Private Ocean in 2021, Wealthspire rose to No. 11 on Financial Planning's RIA Leaders ranking of the largest fee-only planning firms across the country last year. Its parent firm, NFP, has maintained a strong ongoing presence in wealth management even as many insurance firms have spun off their holdings in recent years. Wealthspire has made two other deals this year and five for multibillion-dollar firms in its history.