Wealthspire Advisors has brokered a deal to acquire Nevada-based wealth management firm Sage Financial Advisors.
The acquired firm, which was founded in 1996 by Brian Loy, manages approximately $194m in assets.
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The company offers its clients custom-designed financial solutions by partnering with other financial professionals.
Commenting on the deal, Wealthspire CEO Mike LaMena said: “We are delighted to welcome Brian Loy and the Sage team to Wealthspire.
“They’ve built a strong planning-first business that prioritizes the client experience and aligns with our fiduciary model. With this addition, we expand our growing presence in the West, and further reinforce our firm as a truly national RIA.”
Wealthspire boosted its presence in the West Coast by acquiring Private Ocean in 2021. It also opened three offices in California and Washington as part of its expansion stratgey.
The latest deal will increase Wealthspire’s asset under management to approximately $17bn across 20 offices across the US.
Loy said: “Since our founding, the well-being of our clients has been at the forefront of everything we do.
“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.”
Subject to receipt of customary approvals, the acquisition is expected to conclude in the fourth quarter of 2022.
Sage hired DeVoe & Company as advisor and Hanson Bridgett LLP as transactional legal counsel for the deal. While Ropes & Gray acted as legal counsel to Wealthspire Advisors.
