Wealthspire Advisors has a national footprint with 21 offices in 12 states. With this transaction, the firm will be in charge of about $24.4bn in assets and will gain over 40 specialists to its staff.
Meanwhile, GM Advisory Group has offices in Boca Raton, Florida, New York City, and Melville, New York.
It manages about $3bn in assets while providing advice on another $3.3bn worth of assets.
Mike LaMena, Wealthspire’s CEO commented: “We are delighted to welcome the exceptionally talented team at GM Advisory Group to Wealthspire. 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. We look forward to integrating Frank’s leadership and collaborating on a strategy to drive growth, expand our services, and elevate the client experience.”
Frank Marzano, the company’s founder and managing principal, established GM Advisory Group in 2004 with the goal of providing a thorough, meticulously planned, white-glove concierge service that caters to the special requirements of high-net-worth individuals and families.
Under Marzano’s direction, GMAG experienced quick expansion into a boutique wealth management company with a profoundly personalised, team-based service style that fits with the lives of its clients.
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“GMAG was built on personal, trusted relationships and was designed to serve endless generations,” added Marzano. “We set out to treat every client in our community like family, creating an exceptional, integrated experience that surpasses expectations for private wealth management. 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 energised about what the future will bring.”
Furthermore, Marzano will assist Wealthspire in achieving organic development by concentrating his efforts on both improving client service and seeking out modern new prospects for the company to grow both financially and geographically.
The acquisition is expected for completion in the fourth quarter of 2023, subject to customary approvals and closing conditions.
NFP and Wealthspire Advisors were represented by Davis+Gilbert LLP.
GMAG received advice from Seahawk Advisory, and transaction legal guidance from Alston & Bird.