Wealthspire Advisors has agreed to acquire West Hartford-based wealth management firm Private Capital Group for an undisclosed amount.

The transaction is expected to close in the fourth quarter of the year, subject to regulatory approvals.

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Founded in 2003, Private Capital Group specialises in wealth management and retirement planning services.

The deal will increase Wealthspire Advisors’s assets by $1bn and expands the firm’s presence in Connecticut.

Wealthspire CEO Mike LaMena commented: “They are a natural cultural fit, and I am confident that combining their accomplished group with Wealthspire’s deep investment platform, sophisticated technology, and middle/back-office support structure will enhance value for Private Capital Group’s clients.

“We are excited to expand our presence in Connecticut while continuing to look for opportunities to grow our wealth management platform with top quality firms throughout the US.”

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Private Capital Group founder Ben Kille remarked that joining Wealthspire will bring additional value to clients of the firm while expanding opportunities for its associates.

Kille said: “Private Capital Group was founded with a ‘Serve First’ philosophy, so we are looking forward to fully integrating with Wealthspire and becoming part of a dynamic firm that shares our passion for client service and deep fiduciary commitment.”

A unit of insurance broker NFP, Wealthspire Advisors currently operates 14 offices across eight US states.

In 2019, the firm launched a new digital wealth management solution called Wealthspire Pathways to strengthen its footprint among tech-savvy clients.

Unlike conventional robo-adviser platforms, Pathways provides clients access to a dedicated certified financial planner (CFP).