Wealthspire Advisors to Acquire GM Advisory Group, Expands Family Office Services
Acquisition adds Key Growth Leadership in Advisor Frank Marzano, strengthens firm's East Coast footprint
NEW YORK, Sept. 26, 2023 /PRNewswire/ -- Wealthspire Advisors LLC, an NFP company and independent registered investment adviser (RIA), today announced a signed agreement to purchase GM Advisory Group, Inc. (GMAG), an RIA serving clients across the U.S. GMAG manages approximately $3.0 billion in assets, advises on an additional $3.3 billion in assets, and maintains a presence in Boca Raton, Florida, New York City, and Melville, New York.*
"We are delighted to welcome the exceptionally talented team at GM Advisory Group to Wealthspire," said Mike LaMena, Wealthspire's 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. We look forward to integrating Frank's leadership and collaborating on a strategy to drive growth, expand our services, and elevate the client experience."
Among its entities, Wealthspire has a national footprint with 21 locations across 12 states. With this acquisition, the firm will oversee approximately $24.4 billion in assets** and add 40+ professionals to its team.
Frank Marzano, the Founder and Managing Principal of GMAG, started the firm in 2004 with the aspiration of delivering a comprehensive, highly coordinated, white-glove concierge service that addresses the unique demands of high-net-worth individuals and families. Frank has been recognized by Barron's as one of the country's Top 100 Independent Advisors since 2015. In the recently released 2023 rankings, Frank ranked #11 in the country – making him the second ranked advisor on the list in New York state. Frank was also ranked #4 on the 2023 Forbes Best-in-State Advisors list for New York (NY State – Private Wealth).***
Under Frank's leadership, GMAG has grown rapidly into a boutique wealth management firm with a deeply personal, collaborative service model that aligns with the lives of its clients.
"GMAG was built on personal, trusted relationships and was designed to serve endless generations," said Frank 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 energized about what the future will bring."
At Wealthspire, Frank will help drive organic growth for the firm, focusing his efforts on both elevating service to his clients and identifying innovative new opportunities for the firm to expand both geographically and financially.
Continued Frank, "This transaction allows us to sharpen our focus on taking care of our existing clients and expand access to the solutions and services they need. My goal in this partnership is to continue what we've started at GMAG – to drive exponential growth through building trusted relationships and by innovating our service offering to meet the evolving and sophisticated needs of our clients."
The transaction is expected to close in the fourth quarter of 2023, subject to customary approvals and closing conditions.
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.
About Wealthspire Advisors
Wealthspire Advisors is an independent registered investment advisor that oversees, across its entities, 21 offices in 12 states throughout the Northeast, Atlantic, Midwest, and West Coast. We are fiduciary advisors who value connecting all parts of a client's financial life to deliver thoughtful, collaborative strategies that optimize their finances and fulfill their aspirations. Wealthspire Advisors acts as a wealth manager, investment advisor, consultant, and constant partner in helping clients gain confidence in their financial futures. For more information on Wealthspire Advisors, please visit www.wealthspire.com.
About NFP
NFP is a leading property and casualty broker, benefits consultant, wealth manager, and retirement plan advisor that provides solutions enabling client success through the expertise of over 8,000 global employees, investments in innovative technologies, and enduring relationships with highly rated insurers, vendors, and financial institutions. NFP is the 9th best place to work for large employers in insurance, 7th largest privately-owned broker, 7th largest benefits broker by global revenue and 13th largest broker of US business (all rankings according to Business Insurance). Visit NFP.com to discover how NFP empowers clients to meet their goals.
* Reflects a rounded approximation of asset values as of 6/30/23.
** AUM value represents a rounded approximation of the regulatory assets under management reported by the Firm and its subsidiaries and is current as of 6/30/2023.
*** Rankings or recognitions by unaffiliated rating services, publications, media, or other organizations should not be construed by a client or prospective client as a guarantee that he/she will experience a certain level of results if either GMAG or Wealthspire is engaged, or continues to be engaged, to provide investment advisory services, nor should it be construed as a current or past endorsement of GMAG or Wealthspire by any of their clients, or a third party. Rankings published by magazines and other organizations generally base their selections exclusively on information prepared and/or submitted by the recognized adviser. GMAG is a paid sponsor of the Barron's in Education Program. GMAG has paid a fee to Forbes and Barron's to receive expanded profile features, such as profile photo and contact information. GMAG has not paid a fee for placement on any rankings and/or recognition list. For Forbes' full ranking methodology, visit https://www.forbes.com. For Barron's full ranking methodology, visit https://www.barrons.com.
Barron's 2023 Top 100 Independent Advisors data is based upon values as of 06/30/2023. This ranking was published on 09/15/2023.
2023 Forbes Best-in-State Advisors data is based upon values as of 6/30/2022. This ranking was published on 04/04/2023.
Wealthspire Advisors is the common brand and trade name used by Wealthspire Advisors LLC, Private Ocean, LLC, and Heron Financial Group, LLC, separately registered investment advisers and subsidiary companies of NFP Corp. ACG Advisory Services, LLC is a separately registered investment adviser and subsidiary company of Wealthspire Advisors LLC.
This information should not be construed as a recommendation, offer to sell, or solicitation of an offer to buy a particular security or investment strategy. The commentary provided is for informational purposes only and should not be relied upon for accounting, legal, or tax advice. While the information is deemed reliable, Wealthspire Advisors cannot guarantee its accuracy, completeness, or suitability for any purpose, and makes no warranties with regard to the results to be obtained from its use. © 2023 Wealthspire Advisors
SOURCE Wealthspire Advisors
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