Calabasas-based Legacy Wealth Partners will join Colony Group after reaching an agreement on a merger with the financial advisory and business management firm.Based in Boston, Colony Group manages more than $13 billion in regulatory assets as of April 2021. It will have 17 offices across the country with more than 275 team members when the transaction closes, which is expected later this year, subject to customary closing conditions.
Financial terms of the deal were not disclosed.“We had been looking for a wealth management team to complement our growing multifamily office and business management team in Southern California,” Colony Group Chief Executive Michael Nathanson said in a statement. Legacy Chief Executive Brad Levin founded the firm in 2001. Though joining Colony will mark the end of Legacy Wealth Partners’ 20-year run, the firm will continue its business and retain its clients as part of a larger team. Levin said that Colony brings to the table resources and areas of expertise that Legacy does not have.
“(Joining) provides us the ability to keep our relationship with our clients as it is, offer them everything we have in the past, but then expand on that,” Levin said.
Levin will join Colony as a managing director and senior wealth advisor. His duties of managing client portfolios and assisting with financial planning needs will continue in the new role. He said that an important aspect of the position is that it will free him of the administrative responsibilities he would normally manage as a business owner.
“This allows me to focus more fully on (client) relationships and it’s the same thing for our staff,” Levin said. “We can relinquish control of some of those administrative responsibilities to a great team of people at the Colony Group that have many more resources and staff to be able to take that bandwidth on.”
For Legacy Wealth, It’s Merger Time
