New York City-based Wealthspire Advisors today announced that it has signed an agreement to purchase Sage Financial Advisors Inc., a Reno, Nev.-based registered investment advisor with about $194 million in assets.
The transaction is expected to close in the fourth quarter of 2022, subject to customary approvals and closing conditions. Financial terms of the deal were not disclosed.
Founded in 1996 by company President Brian Loy, “Sage helps clients reach their goals by creating custom-designed financial solutions and collaborating with other trusted professionals,” a news release said. The firm provides specialized financial services to entrepreneurs, health professionals, executives, and retirees. The team also includes Kirstin Griffin, investments and client relations, and Mary Stammers, a junior analyst who manages operations for the firm.
“Since our founding, the well-being of our clients has been at the forefront of everything we do,” Loy said in a statement. “We are now part of a much deeper team with national scope, enhanced resources, and ever-evolving capabilities all while remaining true to our purpose.”
Wealthspire’s CEO Mike LaMena said the addition of Sage will expand Wealthspire’s growing presence in the West and further reinforce the firm as a national RIA. Sage “has built a strong planning-first business that prioritizes the client experience and aligns with our fiduciary model,” he said.
Wealthspire Advisors, an NFP company, expanded on the West Coast in 2021 with the purchase of Private Ocean, LLC, establishing three offices in California and Washington. With the acquisition of Sage, Wealthspire will oversee about $17 billion in assets across 20 offices across the country.