Lenox Wealth Advisors was rebranded as Wealthspire Advisors over the weekend as part of an ongoing integration and build-out of a wealth management division operating under the financial conglomerate NFP, the parent of both Lenox and Wealthspire.
Lenox adds $2 billion in client assets to Wealthspire, which manages more than $16.4 billion. Next on the agenda for rebranding are the $1 billion Private Capital Group, and the $2.7 billion Private Ocean, two registered investment advisers that were acquired by Wealthspire late last year.
Those rebrandings will be completed by the end of March, said Wealthspire Chief Executive Mike LaMena.
“From my standpoint, it’s all about being able to provide more capabilities, and scale matters,” he said. “The full integration enables them to take more explicit advantage of the services we offer, including being able to leverage our technology suite, asset management capabilities, and trust and estate planning teams.”
NFP is majority owned by private equity firm Madison Dearborn Partners, which took NFP private in 2013.
Over the past 15 months, Wealthspire has acquired more than $5 billion worth of wealth management assets, but LaMena said Wealthspire should not be confused with some of the more aggressive RIA aggregators.
“We have three primary prongs of growth: client retention, organic growth, and intelligent M&A,” he said. “Our model is full integration, and we’ll never be the highest-volume buyer of RIAs.”
Medicare scam, pandemic benefit theft, offshore tax evasion — federal prosecutors are casting a wide net.
Report finds that pension income acts as a financial lifeline for retirees facing late-life shocks and raises urgent questions about the DC-only future.
Nine-month electronic trading freeze and share lending program at the center of dismissed claim.
Meanwhile, Rossby Financial's leadership buildout rolls on with a new COO appointment as Balefire Wealth welcomes a distinguished retirement specialist to its national network.
With a smaller group of companies driving stock market performance, advisors must work more intentionally to manage concentration risks within client portfolios.
As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management
Growth may get the headlines, but in my experience, longevity is earned through structure, culture, and discipline
