In his second deal in less than a month, Private Ocean co-founder Greg Friedman announced his firm has added $380 million in client assets with the acquisition of Lakeview Financial Group.

“We are delighted to expand our services to clients on the West Coast and beyond, and look forward to working alongside these experienced, successful and talented advisors,” Friedman said in a statement.

Junxure CEO Greg Friedman
Junxure founder Greg Friedman is also co-founder of the RIA Private Ocean.

Earlier this month, Friedman sold Junxure, the client relationship management software firm he founded, to AdvisorEngine to focus more time on Private Ocean. His RIA manages more than $1 billion in client assets.

In Lakeview, Friedman and his team "saw a perfect fit," he said in a statement.

Julie Back, a partner at Lakeview, said in the statement that advisors in both RIAs have seen eye to eye since meeting.

“Over the last 18 months since we initially met Greg and the Private Ocean team, we have been struck by our firms’ similarities in philosophy and the client process,” she said.

The two RIAs, with names evoking their watery locales, have offices on the West Coast, with Lakeview blocks away from Lake Union in Seattle and Private Ocean a short drive from San Pablo Bay north of San Francisco in the city of San Rafael.

Lakeview was founded in 2006 and Private Ocean was formed in 2009 after a merger of two wealth management firms in the San Francisco Bay Area, Salient Wealth Management and Friedman & Associates.

The two firms are now branded under the Private Ocean name.

Register or login for access to this item and much more

All Financial Planning content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access