Wealthspire Builds Home Prescence with $300M Heron Wealth Acquisition

New York-based Wealthspire Advisors, a subsidiary registered investment advisor (RIA) under insurance brokerage NFP’s Wealth & Retirement division, has purchased Heron Financial Group (dba as Heron Wealth), a New York-based wealth advisory firm that manages approximately $300 million in assets.

The transaction is expected to close during the second quarter of 2023. Specific financial details were not made available.

Founded as predecessor Heron Capital Management, Inc. by President David Edwards in 1996, Heron Wealth provides financial planning, investment advice, and estate planning services.

“The addition of this experienced team deepens our New York City presence with talented professionals who are committed to delivering an amazing client experience built on a foundation of trust and fiduciary care,” said Mike LaMena, Wealthspire CEO.

This is the first deal for serial RIA acquirer Wealthspire since the purchase of Sage Financial Advisors, Inc., a Nevada-based RIA with approximately $194 million in assets, in November 2022. With 19 offices in 10 states, Wealthspire currently oversees more than $18 billion in assets.

Park Sutton Advisors, a Waller Helms Company, served as advisor and Wiggin and Dana LLP served as transaction legal counsel to Heron Wealth.