A Westport-based registered investment advisor (RIA) firm has been bought by a Florida-based wealth management firm.
Corient Private Wealth, headquartered in Miami, has acquired Northeast Financial Consultants, which has $4.5 billion in assets under management. This will be Corient’s first Connecticut location.
Financial terms of the deal were not disclosed.
Northeast Financial’s services include investment management and alternative investments, retirement planning, estate planning and insurance analysis, Corient said.
“We began as a financial planning and tax advisory firm and have grown into a multi-family office serving the evolving needs and legacies of ultra-high-net-worth families,” said Elwood Davis, founder and president at Northeast Financial, which was founded in 1983. “Corient and its partnership model will enable us to take the next step — allowing us to continue serving our clients with the same integrity and focus, while benefiting from expanded capabilities and a deep bench of talent. It’s this combination that makes it possible for us to do even more for our clients.”
Corient said it is a fiduciary, fee-only wealth management firm that has more than 260 partners and over 1,300 employees managing approximately $216 billion on behalf of ultra-high and high-net-worth individuals, families and businesses in the U.S.
Northeast Financial’s acquisition comes at a time when the RIA industry is seeing widespread consolidation.
