New York-based Wealthspire Advisors announced today that it will acquire $3 billion AUM RIA GM Advisory Group.

GM Advisory Group (GMAG), which serves clients across the U.S. from offices in Boca Raton, Fla., New York City and Melville, N.Y., reported $3 billion in AUM and another $3.3 billion of assets under advisement earlier this year. The acquisition expands Wealthspire's presence on the East Coast.

A source close to Wealthspire told Financial Advisor that it is Wealthspire's largest acquisition since the firm was formed in 2019 by the merger of Sontag Advisory and Bronfman Rothschild.

The transaction, Wealthspire's third this year, is expected to close in the fourth quarter, the company said. No additional details were provided.

With the acquisition, Wealthspire Advisors now has $24.4 billion in managed and advised assets served from 21 offices aross 12 states. The transaction adds over 40 new staff members to Wealthspire’s staff.

Wealthspire is a subsidiary of NFP, a property and casualty broker, benefits consultant, wealth manager, and retirement plan advisor.

Frank Marzano, founder and managing principal of GMAG, will continue at Wealthspire to help “drive organic growth” and identify new opportunities for expansion, the company said.

"GMAG was built on personal, trusted relationships and was designed to serve endless generations," said Marzano in released comments. "We set out to treat every client in our community like family, creating an exceptional, integrated experience that surpasses expectations for private wealth management. By joining Wealthspire, we are aligning with a like-minded and gifted team that celebrates individual contributions. We are excited to share our values and our vision of supporting the next generation, and we're energized about what the future will bring."

GMAG was advised by Seahawk Advisory, with Alston & Bird serving as transaction legal counsele. Wealthspire and NFP were served by Davis+GIlbert as legal counsel.

"We are delighted to welcome the exceptionally talented team at GM Advisory Group to Wealthspire," said Mike LaMena, Wealthspire's CEO, in released comments. "I have personally known Frank Marzano for many years, and his passion for serving clients and his relentless commitment to his people are reflected in the tremendous success they have experienced over nearly two decades. We look forward to integrating Frank's leadership and collaborating on a strategy to drive growth, expand our services, and elevate the client experience."