US-based investment advisory business Ancora has expanded its national presence by setting up a new office in Naples, Florida.

The new facility marks Ancora’s expansion outside of the Midwest for the first time.

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Situated on the Tamiami Trail in the Park Shore neighborhood in Naples, the office is the third outpost of the firm.

The firm has mostly hired local staff for the Florida office.

Based in Cleveland, Ohio, Ancora has Family Wealth, Asset Management and Retirement Plan units.

The firm offers investment solutions covering fixed income, alternatives, and equities.

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At the same time, it provides wealth and insurance planning as well as retirement planning. The firm also has a branch in Detroit, Michigan.

The firm’s diverse clientele includes HNWIs and small businesses, among others.

Ancora further noted that the new office will provide workspaces for its “Cleveland and Detroit-based employees to utilise while servicing their clients in the area”.

Commenting on the expansion, Ancora chairman and CEO Fred DiSanto said: “We believe the west coast of Florida is a natural market for us and have decided to extend our unique mix of wealth management capabilities, financial services experience and institutional-caliber, proprietary investment solutions into this thriving part of the country.”