Lenox Wealth Advisors (LWA), a registered investment advisor with $2.1 billion in client assets, has integrated into Wealthspire Advisors’ national independent advisory platform, the companies announced. The companies are subsidiaries of New York City-based insurance broker and consultant NFP.
While the integration will take place in stages, LWA officially rebranded under the Wealthspire name on January 24.
"By combining firms under the NFP umbrella, LWA and Wealthspire create significant advantages that benefit both our clients and our people,” Wealthspire CEO Mike LaMena said in a news release. “Size and scale are important. Coming together allows us to invest in the technology and talent we need and expand the capabilities and services we deliver.”
LWA has been part of NFP since its founding in 2011. The firm specializes in developing and executing sophisticated financial plans and tailored investment portfolios for individuals, families, trusts, and nonprofit organizations nationwide.
The LWA M&A deal follows on the heels of Wealthspire’s recent transactions at the end of 2021 to acquire Private Ocean Wealth Management, a San Rafael, Calif.-based RIA with $2.7 billion in AUM, and Private Capital Group, a West Hartford, Conn.-based RIA with $1 billion in AUM. Upon closing all three of its latest M&A transactions, Wealthspire reportedly expects to be overseeing approximately $20 billion in total client assets, and will have 20 offices across the country.
“It is important for our clients to know that the goal is providing more choices, offering a deeper investment team, and continuing to improve processes and technology,” LWA CEO Richard Van Benschoten said in the news release. “We remain part of the same NFP family, but now as a larger team with more offices across the country and a combined $16.45 billion of assets under management (AUM).”
Founded in 1995, Wealthspire Advisors is headquartered in New York City.