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Wealthspire Advisors said Tuesday it signed an agreement to acquire GM Advisory Group, a registered investment advisor that manages about $3 billion in assets and advises on an additional $3.3 billion in assets.

Why it matters: Like many competing RIAs, New York-based Wealthspire — which has a national footprint with 21 offices across 12 U.S. states — is moving to gobble up smaller firms at a rapid clip.

The GM Advisory acquisition “expands Wealthspire’s footprint onto Long Island in the [New York] metropolitan area, and also expands our footprint to Boca Raton in Florida, where we currently have an office in Palm Beach Gardens,” the company said in a statement.

In June, Wealthspire signed an agreement to acquire ACG Wealth Management, a privately held wealth management firm based in Richmond, Virginia, overseeing about $1 billion in client assets. Earlier this year, Wealthspire struck a deal to buy Heron Financial Group, a New York-based wealth advisory managing about $300 million in assets.

With the latest acquisition, the firm will oversee about $24.4 billion in assets and add more than 40 professionals to its team, it said.

What to know: GM Advisory has offices in Boca Raton, Florida, as well as in Manhattan and Melville in New York, but serves clients across the U.S., Wealthspire said.

Frank Marzano, founder and managing principal of GM Advisory, started his firm in 2004.

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