Wealthspire acquires $1 billion firm to expand in the Atlantic region

New York City-based registered investment advisor Wealthspire Advisors announced Wednesday an agreement to purchase independent wealth management firm ACG Wealth Management.

Based in Richmond, Virginia, ACG offers investment management, qualified plans, tax strategies and third-party administrator services. ACG oversees $1 billion in assets and serves 240 families and 285 plan sponsors.  

Wealthspire manages $16 billion in assets under management, according to its most recently filed Form ADV, operates out of 20 offices across 12 states and maintains a 19-person investment team. It is owned by NFP, a property and casualty broker, benefits consultant, wealth manager and retirement plan advisor that brought in $2.2 billion in revenue in 2022.

ACG’s third-party administrator and retirement business will join NFP’s Atlantic region retirement division, led by Jessica Espinoza, NFP’s managing director of retirement.

“ACG’s priority has always been to take care of people through every stage of their lives and across multiple generations,” J. Saunders “Sandy” Wiggins, CEO and president of ACG, said in a statement. “In joining Wealthspire and the NFP community, we’ll continue to provide the same services and care that our clients have known for decades but now with the support of a much deeper pool of resources.”

The acquisition of ACG brings Wealthspire into the Richmond market and helps the firm expand its presence in the Atlantic region, Wealthspire CEO Mike LaMena said in a statement.

“ACG’s deep network and community connections make the group an excellent partner as we continue to grow our presence on the East Coast,” LeMena added.

The transaction is expected to close in the third quarter of 2023. Terms of the deal were not disclosed.

The acquisition comes less than two months after Wealthspire acquired Heron Wealth, a New York City-based firm with $300 million AUM.

Related Topics: Wealthspire Advisors