The latest deals and transactions in and around North American wealth management.
Wealthspire Advisors, Sage Financial Advisors
Wealthspire Advisors, an NFP company and independent investment advisor, signed an agreement this week to purchase Sage Financial Advisors, a Nevada-based registered investment advisor, to expand the firm’s presence in the West.
Sage manages approximately $194 million in assets and maintains
an office in Reno, the firm said in a statement.
“We are delighted to welcome Brian Loy and the Sage team to Wealthspire,” said Mike LaMena, Wealthspire’s CEO.
“They’ve built a strong planning-first business that prioritizes
the client experience and aligns with our fiduciary model. With
this addition, we [will] expand our growing presence in the West,
and further reinforce our firm as a truly national RIA,” the firm
Wealthspire expanded on the West Coast in 2021 with the purchase of Private Ocean establishing three offices in California and Washington. Following the acquisition of Sage, Wealthspire will oversee approximately $17 billion in assets across 20 offices throughout the country.
Founded in 1996, Sage helps clients reach their goals by creating custom-designed financial solutions and collaborating with other trusted professionals.
“Since our founding, the wellbeing of our clients has been at the forefront of everything we do,” Sage president, Brian Loy, said. “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,” he added.
Other members of the Sage team making the transition include Kirstin Griffin, investments and client relations, who brings 15+ years of client service experience in investment management, banking, and real estate, and Mary Stammers, a junior analyst who manages operations for the firm.
The transaction is expected to close in the fourth quarter of 2022, subject to customary approvals and closing conditions.
DeVoe & Company served as advisor and Hanson Bridgett LLP served as transaction legal counsel to Sage. Ropes & Gray LLP served as legal counsel to NFP and Wealthspire Advisors.