Nesvold Capital Partners, a merchant bank based in New York, announced that it has made a minority investment in Pure Financial Advisors.
“Pure has distinguished itself as one of the fastest growing RIAs, both before and during the COVID-19 pandemic," said Peter Nesvold, the founder of NCP, in a statement. "The firm has built one of the best in-bound lead generation models the wealth management industry has seen. This model has enabled Pure to flourish even during periods of extreme market volatility."
NCP did not disclose the terms of the deal.
Pure Financial Advisors, a California RIA managing $2.7 billion in client assets, has offices in San Diego, Orange County and Los Angeles. The firm provides retirement planning services and tax-optimized investment management.
Michael Fenison, the founder and chairman of Pure Financial Advisors, said the firm is looking forward to NCP’s supportive services in continuity planning and management additions.
“[Nesvold] brings an outside perspective that should prove valuable as we continue to scale our business," said Fenison.
Pure Financial founder and Chairman Michael Fenison
Pure Financial Advisors is NCP's second investment. Its first was Stratos Wealth Holdings, the parent company of Stratos Wealth Advisors that manages $15 billion in client assets.
Nesvold launched NCP last month after Raymond James acquired investment bank Silver Lane Advisors, where he served as chief operating and chief compliance officer, in 2019. Nesvold went on to become the COO of Raymond James’ investment banking unit until, according to NCP’s website, Silver Lane maxed out its two-year earnout in 14 months.
NCP takes noncontrolling minority stakes in financial services firms, including fintech companies, asset management and wealth management firms interested in growth.
