US-based independent investment adviser Wealthspire Advisors has brokered a deal to buy California-based fiduciary wealth management Private Ocean.

The deal, whose financial terms are not disclosed, is part of Wealthspire’s strategy to expand its registered independent adviser (RIA) business across the country.

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Founded in 2009, Private Ocean was formed through the merger of Salient Wealth Management and Friedman & Associates.

The firm also acquired Lakeview Financial in Seattle and Mosaic Financial Partners in San Francisco.

It currently manages $2.7nb in assets with additional offices in San Francisco and Seattle.

Commenting on the latest deal, Wealthspire CEO Mike LaMena said: “The Private Ocean team, led by innovative leader Greg Friedman, shares our commitment to delivering great outcomes for clients, and their vision and culture are a natural fit with Wealthspire. This is a significant way to plant a flag on the West Coast and demonstrate our growing national scope.”

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Friedman said: “Our team is honored to join Wealthspire and embrace the opportunity to continue to serve our clients supported by deeper and broader resources. This is an important step for both of our firms in an environment where scale and quality matter.”

The latest deal follows Wealthspire’s recent agreement to buy Connecticut-based RIA Private Capital Group.

Following the completion of these two deals, the company’s assets under management (AuM) is expected to reach approximately $17bn. It will have 18 offices across the US.

In 2019, Wealthspire introduced digital wealth management solution that combines its financial planning and client services with an automated technology platform.