New York-based Wealthspire Advisors is ramping up its acquisition game with an agreement to buy $2.7 billion Private Ocean, based in San Rafael, California.
The deal follows Wealthspire’s October announcement of plans to acquire Private Capital Group, a $1 billion advisory firm based in West Hartford, Connecticut.
When both those deals are closed by the end of this year, Wealthspire will oversee approximately $17 billion in RIA assets and have 18 offices.
Founded in 2009, Private Ocean is the combination of two of the oldest privately held wealth management firms in the San Francisco Bay Area — Salient Wealth Management and Friedman & Associates.
The firm has also acquired Lakeview Financial in Seattle and Mosaic Financial Partners in San Francisco.
Greg Friedman, chief executive and founder of Private Ocean, is the author of three books for financial advisers and leaders, including two on successful RIA mergers and acquisitions.
“It is exciting to partner with a dynamic enterprise like Wealthspire,” Friedman said in a prepared statement.
“We both share the highest fiduciary standards and philosophy on client service, enabling us to remain true to our commitment to deliver personal and powerful wealth management to our clients,” Friedman said. “This is an important step for both of our firms in an environment where scale and quality matter.”
LPL Financial and Raymond James also add independent advisors from Osaic and Edward Jones in Michigan and Arizona.
The SEC-registered RIA advises on more than $1 billion in client assets, with no advisory fee through 2027 and no human financial advisors.
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