deal

Cantor Fitzgerald Wealth Partners acquires FCFA advisory business

Cantor Fitzgerald Wealth Partners is to acquire the advisory business of First Commonwealth Financial Advisors, Inc (FCFA), a registered investment advisory firm with over USD2 billion in assets under advisement. 

The Pittsburgh-based advisory offices will operate with the same team of advisors that previously served the clients at FCFA, and will continue to be led by Richard R. Applegate, CFP, AIFA, ChFC, CLU in his role as a Member of Cantor Fitzgerald Wealth Partners, LLC.

"FCFA is a highly-respected and established brand that clients have grown to trust. This acquisition underscores our unwavering dedication to providing value add services for clients, and reflects our ability to attract talented teams to our growing wealth management platform," says Shawn P Matthews, Chief Executive Officer of Cantor Fitzgerald & Co. "Building our asset base and wealth management platform is an important focus for the firm, and we expect to rapidly expand our position in the investment advisory marketplace."

"This transition ensures that our valued clients experience the continuity of investment counsel and expertise they have come to expect from the eminently talented team at First Commonwealth Financial Advisors," says Jane Grebenc, President of First Commonwealth Bank. "The decision to realign our investment advisory services through our agreement with Cantor Fitzgerald Wealth Partners reinforces our mission as a community bank and enables First Commonwealth to focus our resources on our core community banking business, trust, insurance, brokerage, and investment management efforts."

Stan Gregor, President & Chief Executive Officer of Cantor Fitzgerald Wealth Partners, says: "We have dedicated a great deal of time and resources to researching and identifying the local financial services provider that best aligns with Cantor's comprehensive wealth management suite of services and commitment to providing exceptional client service. Our synergistic approach will ensure a smooth and mutually beneficial transition to the Cantor Fitzgerald platform, as we expand our investment advisory services in western Pennsylvania and surrounding markets."

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