Private Ocean, a West Coast-based wealth management firm, has acquired Mosaic Financial Partners, a San Francisco-based registered investment advisory firm with USD620 million in assets under management.
On 1 October, 2018, Mosaic will begin operating as Private Ocean and remain in both its San Francisco and Walnut Creek locations. Mosaic was represented by DeVoe & Company in this transaction.
“We have known Norm and the principals of Mosaic Financial for many years and have great respect for their people, their processes and their values,” says Greg Friedman, MS, CFP®, CEO and Co-Founder of Private Ocean. “Coming together is a natural fit for us and we are excited to continue exploring our opportunities to better serve our clients. We are proud to welcome our new colleagues to the Private Ocean team.”
Serving businesses, families, and individuals in the greater Bay Area, Mosaic Financial Partners provides caring, knowledgeable financial solutions and customised advice to help clients attain their lifetime goals and aspirations. From its inception, Mosaic has been an innovator. They were at the forefront of the fee-only movement and among the first independent wealth management firms to offer ETFs as a lower-cost investment option. They also helped pioneer the use of personal investment policy statements that bring transparency, discipline and client understanding to the investment process. Among their advisors are three certified coaches, signalling their commitment to helping clients not just with the numbers but finding ways to succeed in life.
That innovative spirit is key to Private Ocean, whose close-knit team of financial professionals includes the co-author of the financial planning industry’s first code of ethics, a 2017 InvestmentNews Icons & Innovators winner, two recipients of prestigious Schwab IMPACT® Awards, an industry veteran who managed a USD30 billion portfolio on Wall Street, and a dedicated support team of seasoned advisors and operations specialists.
“We are pleased and excited to join with Private Ocean,” says Norm Boone, Founder of Mosaic Financial Partners. “Having started in this industry more than thirty years ago with one of Private Ocean’s founding firms, I am confident in the consistency of our values and commitment to clients. This next step in our growth allows me to focus less on day-to-day management and more on our strategy to enhance the services we provide. As part of a larger, growing firm, our expanded resources allow us to serve clients in new and better ways and offer employees more opportunities to grow professionally.”