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Thursday, December 1, 2022

Wealthspire to Purchase $194M Sage Monetary Advisors

Wealthspire Advisors, an SEC-registered funding advisor owned by nationwide insurance coverage brokerage NFP, has signed an settlement to buy Sage Monetary Advisors, a Reno, Nev.–based mostly RIA with about $194 million in shopper property.

Based in 1996, Sage supplies specialised companies to executives, well being professionals, entrepreneurs and retired people. President Brian Loy and the remainder of the Sage group will be part of Wealthspire as soon as the transaction closes earlier than the top of the 12 months.

“This transition allows us to be a part of a a lot deeper group with nationwide scope, enhanced assets and ever-evolving capabilities—all whereas remaining true to our objective of serving our purchasers,” Loy stated. “It additionally helps our long-term succession plan and development for our group.”

“Sage beneficial properties enhanced capabilities for his or her purchasers together with different assets, similar to expertise and advertising,” stated David DeVoe, CEO of DeVoe & Firm, the RIA-focused M&A marketing consultant that served as an advisor to Sage within the transaction. “Wealthspire beneficial properties a like-minded group and one other foothold, because it expands within the West.”

Wealthspire, which was created when NFP’s Sontag Advisory merged with Bronfman Rothschild in 2019, branched out to the West Coast final 12 months with the buy of Personal Ocean in California and Washington. With this newest acquisition, Wealthspire, headquartered in New York Metropolis, will oversee roughly $17 billion in property throughout 20 workplaces in 10 states.

“With this addition, we increase our rising presence within the West and additional reinforce our agency as a very nationwide RIA,” stated Wealthspire CEO Mike LaMena.

Sage would be the second agency that Wealthspire onboards this 12 months, following the mixing of $2 billion NFP subsidiary Lenox Wealth Advisors in January, and the primary since NFP introduced in Might it was restructuring to higher spotlight its wealth administration and retirement companies. Taken collectively, the Wealth & Retirement section represents about 17% of NFP’s whole income.

“The reorg has amplified the M&A and recruitment alternatives by means of NFP by clarifying the Wealthspire story internally at NFP and externally inside our business because the platform of alternative for constructing the person wealth administration enterprise,” stated Hoyt Stastney, normal counsel and head of M&A for Wealthspire.

NFP is backed by Chicago-based non-public fairness agency Madison Dearborn.

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