Wealthspire Advisors to Acquire $3B NY Family Office
Wealthspire Advisors LLC, a subsidiary of insurance broker NFP and independent registered investment adviser (RIA), announced its acquisition of GM Advisory Group, Inc., an RIA with approximately $3 billion in assets under management and $3.3 billion in assets under advisement.
Financial terms of the deal, which is expected to close in the fourth quarter of 2023, were not disclosed.
Wealthspire has 21 offices across 12 states. With this acquisition, the firm will oversee approximately $24.4 billion in assets and add 40+ professionals to its team.
Founded in 2004 by Frank Marzano, GM Advisory Group has offices in Boca Raton, FL, NYC and Melville, NY.
“We are delighted to welcome the exceptionally talented team at GM Advisory Group to Wealthspire,” said Mike LaMena, Wealthspire CEO. “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.”
Seahawk Advisory served as advisor, and Alston & Bird served as transaction legal counsel to GMAG. Davis+Gilbert LLP served as legal counsel to NFP and Wealthspire Advisors.
