Wealthspire Advisors to Acquire California-Based Wealth Management Firm Private Ocean

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Acquisition Adds $ 2.7 Billion in Assets, Expands Wealthspire National Presence with West Coast Offices

NEW YORK, November 22, 2021– (COMMERCIAL THREAD) – Wealthspire Advisors, an NFP firm and independent investment advisor, today announced a milestone in expanding its domestic AIR business by signing a definitive agreement to acquire Private Ocean, LLC, a leading trust wealth management company with $ 2.7 billion in assets. Private Ocean is based in San Rafael, California, with additional offices in San Francisco and Seattle.

“This is a fantastic opportunity for Wealthspire,” said Mike LaMena, CEO of Wealthspire. “The Private Ocean team, led by innovative leader Greg Friedman, shares our commitment to delivering great results for clients, and their vision and culture fits naturally into Wealthspire. This is an important way to plant a flag. on the West Coast and demonstrate our growing national reach.

This transaction follows Wealthspire’s recent agreement to acquire Private Capital Group, a billion-dollar RIA based in West Hartford, Connecticut. After both transactions are completed, Wealthspire plans to oversee approximately $ 17 billion in assets and have 18 offices across the country.

Founded in 2009, Private Ocean is the combination of two of the oldest private wealth management firms in the San Francisco Bay Area: Salient Wealth Management and Friedman & Associates. The company also acquired Lakeview Financial in Seattle and Mosaic Financial Partners in San Francisco. Greg Friedman, CEO and Founder of Private Ocean, is the author of three books for financial advisers and executives, including two on RIA’s successful mergers and acquisitions. He was honored by ThinkAdvisor in their class of 2021 LUMINAIRES, named CEO of the year 2018 by WealthManagement.com, and received an Icons and Innovators award from InvestmentNews in 2017.

Friedman said, “It’s exciting to partner with a dynamic company like Wealthspire. We both share the highest fiduciary standards and customer service philosophy, which allows us to stay true to our commitment to deliver personal and powerful wealth management to our clients. Our team is honored to join Wealthspire and seize the opportunity to continue serving our clients by drawing on deeper and broader resources. This is an important step for our two firms in an environment where scale and quality are important. “

“We’ve always been intentional in the acquisitions we make and partnering with a company like Private Ocean is a rare opportunity that doesn’t come often,” said Hoyt Stastney, general counsel for Wealthspire and head of mergers and acquisitions. “Wealthspire provides systems, processes and tools that accelerate growth, which will enhance our collective ability to grow on the West Coast. Private Ocean could partner with anyone, and we’re proud they chose us. “

The transaction is expected to close in the fourth quarter of 2021, subject to customary closing approvals and conditions.

Raymond James’ Asset & Wealth Management Investment Banking group acted as financial advisor and Wilmer Cutler Pickering Hale and Dorr LLP acted as legal advisor to Private Ocean. Ropes & Gray LLP acted as legal counsel to NFP and Wealthspire.

About Wealthspire Advisors

Wealthspire Advisors is a registered independent investment advisor with 14 offices in 8 states in the Northeast, Mid-Atlantic and Midwest. We are fiduciary advisors who value connecting all aspects of a client’s financial life to deliver thoughtful collaborative strategies that optimize their finances and meet their aspirations. Wealthspire Advisors acts as a wealth manager, investment advisor, consultant and ongoing partner to help clients gain confidence in their financial future. For more information on Wealthspire Advisors, please visit www.wealthspire.com.

About NFP

NFP is a leading insurance broker and consultant providing specialist P&C, benefits, retirement and individual insurance solutions through its licensed subsidiaries and affiliates. NFP enables client success through the expertise of more than 6,000 employees worldwide, investments in innovative technologies and lasting relationships with highly rated insurers, suppliers and financial institutions. NFP is the 5th largest employee benefits broker in terms of worldwide revenue, the 6th largest private broker based in the United States and the 9th best place to work in business insurance; 10th IARD agency (Insurance Journal); and 13th largest insurance broker in the world (Best’s Review).

Visit NFP.com to find out how NFP helps clients achieve their goals.

Wealthspire Advisors LLC is a registered investment adviser and a subsidiary of NFP Corp.

See the source version on businesswire.com: https://www.businesswire.com/news/home/20211122005876/en/

Contacts

Emily kurisky
301.349.1307
[email protected]

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