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Wealthspire reels in $6B in assets with GM Advisory purchase


Wealthspire reels in $6B in assets with GM Advisory purchase

Wealthspire Advisors, a registered investment advisor owned by insurance broker and retirement consultant NFP, said Tuesday that it had made its most significant acquisition since 2019 with the purchase of GM Advisory Group Inc., an RIA that manages about $3 billion of client assets and advises on another $3.3 billion.

Terms of the deal were not disclosed in a statement Tuesday morning. The transaction is expected to close by the end of the year.

Wealthspire was formed in 2019 when NFP brought together Sontag Advisory and Bronfman Rothschild, each of which managed approximately $6 billion in assets at the time, according to the company.

NFP is majority-owned by private equity firm Madison Dearborn Partners, which took NFP private in 2013.

This is Wealthspire’s third deal of 2023.

Frank Marzano, the founder and managing principal of GM Advisory Group, started the firm in 2004. Marzano will remain at the firm, focusing on organic growth, service to clients and new opportunities for the firm to expand both geographically and financially.

“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,” he said in the statement.

GM Advisory Group has locations in Boca Raton, Florida, Melville, New York, and Manhattan.

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