Wealthspire Advisors Acquires GM Advisory Group

Wealthspire Advisors, a prominent registered investment advisory firm, is set to acquire GM Advisory Group. This strategic move will significantly bolster the assets under management for Wealthspire, increasing it to approximately $24.4 billion. Moreover, the acquisition will result in the addition of over 40 new employees to the Wealthspire team.

Founded by renowned advisor Frank Marzano, GM Advisory Group has been managing client assets exceeding $6 billion since its establishment in 2004. Despite achieving remarkable growth, Marzano acknowledges that the firm faced a pivotal moment. "I felt that the business grew to a point now where more and more of my time and the time of my key people was being spent on responsibilities that were not client-related responsibilities," he says. These added responsibilities included HR management and compliance.

Marzano found the perfect solution in partnering with Wealthspire. This association will provide his team with enhanced capabilities, resources, and most importantly, enable them to dedicate more time to serving their clients. Marzano's familiarity with Wealthspire's CEO, Mike LaMena, and the founder of NFP - the parent company of Wealthspire - played a significant role in his decision to choose Wealthspire as their partner.

Notably, this acquisition not only benefits Marzano but also his loyal employees. It opens up avenues for career advancement, ensuring their continued success within the organization. "I have key people who have been with me for a long time and to whom I feel very accountable because they have helped GMAG have the success it has had," he explains.

This significant development demonstrates Wealthspire Advisors' commitment to expanding their capabilities and enhancing their services in order to better serve their clients. With this new partnership, both firms are poised for greater success in the dynamic world of investment advisory services.

Wealthspire to Bring on Marzano and GM Advisory Group

Wealthspire, a New York-based registered investment advisor, has announced its plans to bring on Frank Marzano and his team at GM Advisory Group. The deal, expected to close in the fourth quarter of 2023, aims to drive growth, expand services, and enhance the client experience.

A Strategic Partnership

In a statement, LaMena, a representative of Wealthspire, expressed his pleasure in welcoming Frank Marzano and his team. LaMena emphasized Marzano's passion for client service and his unwavering commitment to his team, which have contributed to their tremendous success over the past two decades. The partnership between Wealthspire and GM Advisory Group seeks to integrate Marzano's leadership and collaborate on strategic initiatives.

Expanding the Reach

Wealthspire has been actively expanding its reach since its formation in 2019. The firm has made several acquisitions to strengthen its position in the market. For example, in June, Wealthspire announced the acquisition of ACG Wealth Management, a registered investment advisor with approximately $1 billion in assets under management and located near Richmond, Virginia. Currently, Wealthspire operates 21 offices across 12 states.

Recognized Leaders

GM Advisory Group, led by Frank Marzano, operates offices in Boca Raton, Florida, New York, and Melville, New York. Marzano has been recognized as the 11th top independent advisor in 2023 and ranked 10th among advisors in New York. Wealthspire itself has also gained recognition and was named No. 18 on 's Top 100 RIA Firms for 2023.