$10B RIA Rebrands After Merger

By Ginger Szala

News October 31, 2019 at 09:33 AM

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With the completion of their merger, Bronfman Rothschild and Sontag Advisory have rebranded the combined $10 billion RIA as Wealthspire. The move was made public by NFP, the insurance and brokerage group that owns it.

Wealthspire has 120 staff members and 11 office. It also has its eye on further expansion.

"With NFP's backing and our combined scale, we expect to expand our reach into new markets by identifying and welcoming top-quality advisors and professions to Wealthspire," according to Wealthspire CEO Mike LaMena.

According to NFP President and COO Mike Goldman, NFP believes the deal should be a big boost to its own results and business plans: "Wealthspire is the result of our focus on seizing opportunities across all our businesses to strengthen capabilities and increase scale. Integrating these two successful firms will drive tremendous growth in our wealth advisory business."

Bronfman Rothschild had $6 billion in assets when it was announced that NFP would acquire it earlier this year and combine it with Sontag.

Three years prior to the purchase, NFP moved to sell its brokerage advisory business — which had 1,400 affiliated advisors — to Stone Point Capital (which renamed it Kestra Financial) in a move that signaled its focus on the RIA channel.

Janet Levaux contributed to this story.

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