News Summary
Cerity Partners has announced its merger with Albany-based Graypoint, a significant move to enhance its wealth management services in New York’s Capital Region. Graypoint, which manages over $4.5 billion in assets, will be rebranded under Cerity Partners. Daniel Nolan, the current CEO of Graypoint, will become vice chairman of Cerity. This merger not only boosts Cerity’s assets to approximately $133 billion but also solidifies its presence and service offerings in the region, illustrating ongoing trends in the wealth management industry.
Albany, New York – Cerity Partners, an independent wealth management firm, announced its merger with Graypoint, a financial advisory firm based in Albany, New York, in a move that is set to broaden its reach in the wealth management sector, particularly in the Capital Region. The merger will see Graypoint, which currently manages assets totaling over $4.5 billion for its clients, rebranded under the Cerity Partners name.
Graypoint serves a diverse clientele that primarily consists of high-net-worth and ultra-high-net-worth individuals, along with institutions and over 60 nonprofits both in New York’s Capital Region and beyond. As part of the merger, Daniel Nolan, the current President and CEO of Graypoint, will transition to become a partner and vice chairman of Cerity Partners. This strategic partnership is viewed as a significant enhancement of services offered to existing clients.
Republic Capital Group is advising Graypoint during this merger process, while Alston & Bird is providing legal counsel for the firm. On Cerity Partners’ end, Lowenstein Sandler has been appointed to manage legal matters related to the merger.
Kurt Miscinski, President and CEO of Cerity Partners, has expressed optimism about the benefits that the merger brings, particularly highlighting the complementary expertise that Graypoint offers. Following the consolidation, Cerity is expected to enhance its Workplace Solutions capabilities, leveraging Graypoint’s proficiency in advising corporate executives.
Earlier this year, Cerity Partners also merged with Cook Wealth, adding to its momentum with this latest acquisition. With the Graypoint merger, Cerity’s total asset management will rise significantly, increasing its client assets to approximately $133 billion. This expansion positions Cerity Partners as a key player in the wealth management landscape.
Graypoint was formed in 2019, emerging from the merger of two established firms: Hugh Johnson Advisors and Bender Lane Advisory. The company has built a reputation for its commitment to preserving and growing wealth for its clients, a core value that Nolan indicates will remain central following the merger.
The combination of Cerity Partners and Graypoint not only solidifies Cerity’s presence in New York’s Capital Region but also broadens its service offerings. The merger underscores ongoing trends in the wealth management industry, where firms seek to expand capabilities and reach through strategic partnerships.
The consolidation of expertise and resources from both firms aims to enhance client service and support, paving the way for empowered financial planning and advisory services in the region. As Cerity Partners continues to grow its footprint, the influx of Graypoint’s experienced professionals is anticipated to deliver new insights and strategies to clients.
This merger represents a notable shift in the financial advisory landscape of New York’s Capital Region, reflecting a growing trend of collaborations among independent advisory firms to fortify their competitive advantage in a rapidly evolving market.
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Additional Resources
- Times Union: Cerity Partners Merging with Graypoint
- Wikipedia: Wealth Management
- PR Newswire: Cerity Partners Announces Merger with Graypoint
- Google Search: Cerity Partners Merger
- Wealth Management: Cerity Acquires Albany Firm
- Google Scholar: Wealth Management Mergers
- Financial Advisor: Cerity Partners to Merge with Graypoint
- Encyclopedia Britannica: Investment Advisory
- Pulse 2.0: Cerity Partners Merging with Graypoint
- Google News: Cerity Partners Graypoint
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