Acquisition adds $2.7 billion in assets, expands Wealthspire’s national presence with West Coast offices


Wealthspire Advisors to acquire Private Ocean. (Credit: Kevin Schneider from Pixabay.)

Wealthspire Advisors, an NFP company and independent investment adviser, today announced a significant step in expanding its national RIA business by signing a definitive agreement to acquire Private Ocean, LLC, a leading fiduciary wealth management firm with $2.7 billion in assets. Private Ocean is based in San Rafael, California, with additional offices in San Francisco and Seattle.

“This is a fantastic opportunity for Wealthspire,” said Wealthspire CEO Mike LaMena. “The Private Ocean team, led by innovative leader Greg Friedman, shares our commitment to delivering great outcomes for clients, and their vision and culture are a natural fit with Wealthspire. This is a significant way to plant a flag on the West Coast and demonstrate our growing national scope.”

This transaction comes on the heels of Wealthspire’s recent agreement to acquire Private Capital Group, a $1 billion RIA based in West Hartford, Connecticut. After both transactions are complete, Wealthspire expects to be overseeing assets of approximately $17 billion and have 18 offices across the country.

Founded in 2009, Private Ocean is the combination of two of the oldest privately-held wealth management firms in the San Francisco Bay Area – Salient Wealth Management and Friedman & Associates. The firm also acquired Lakeview Financial in Seattle and Mosaic Financial Partners in San Francisco. Greg Friedman, CEO and Founder of Private Ocean, is the author of three books for financial advisors and leaders, including two on successful RIA mergers and acquisitions. He was honored by ThinkAdvisor in their class of 2021 LUMINARIES, named 2018 CEO of the Year by, and received an Icons and Innovators award from InvestmentNews in 2017.

Said Friedman, “It is exciting to partner with a dynamic enterprise like Wealthspire. We both share the highest fiduciary standards and philosophy on client service, enabling us to remain true to our commitment to deliver personal and powerful wealth management to our clients. Our team is honored to join Wealthspire and embrace the opportunity to continue to serve our clients supported by deeper and broader resources. This is an important step for both of our firms in an environment where scale and quality matter.”

“We’ve always been intentional about the acquisitions we make and partnering with a firm like Private Ocean is a rare opportunity that doesn’t come around often,” said Hoyt Stastney, Wealthspire’s General Counsel and Head of M&A. “Wealthspire provides systems, processes, and tools that accelerate growth, which will enhance our collective ability to expand on the West Coast. Private Ocean could partner with anyone, and we’re proud they’ve chosen us.”

The transaction is expected to close in the fourth quarter of 2021, subject to customary approvals and closing conditions.

The Asset & Wealth Management Investment Banking Group of Raymond James served as financial advisor and Wilmer Cutler Pickering Hale and Dorr LLP served as legal counsel to Private Ocean. Ropes & Gray LLP served as legal counsel to NFP and Wealthspire.

Source: Company Press Release