Another RIA acquisition — and it's in California again

Beacon Pointe to buy Wealth Management Network on Monday; a trend?

Nov 9, 2012 @ 4:27 pm

By Bruce Kelly

RIA
+ Zoom

Deals for registered investment advisor firms keep on coming.

Beacon Pointe Advisors on Monday will announce the addition of its third partner firm, Wealth Management Network of Newport Beach, Calif., which has $130 million in assets under management.

This latest acquisition comes days after two larger deals were announced. Luminous Capital Holdings on Nov. 2 sold itself to San Francisco-based First Republic bank for an undisclosed sum. And on November 7, Evercore Wealth Management LLC announced that it had agreed to acquire Mt. Eden Investment Advisors LLC, a San Francisco wealth manager with $645 million in client assets.

At the end of September, Beacon Pointe Advisors had $5.5 billion in assets under management. Terms of its deal for Wealth Management Network were not disclosed. Beacon Pointe is looking to expand nationally and add between 35 to 40 offices in the next ten years.

“We're making this simple,” said Matt Cooper, president of Beacon Pointe, in a statement. “It's about business continuity after the adviser retires, or about accelerating organic growth, or finding a partner to help identify qualified candidates to join you – or all of the above.”

0
Comments

What do you think?

View comments

Recommended for you

Featured video

INTV

Wirehouse training programs are in vogue

At one time, major brokerage houses ran large, expensive training programs for thousands of young brokers, and now it looks as if they are about to return to that model.

Video Spotlight

Will It Last As Long As Your Clients Do?

Sponsored by Prudential

Video Spotlight

The Catalyst

Sponsored by Pershing

Latest news & opinion

Brian Block's $4 million bonus was tied to a key metric at ARCP

Prosecution rests case in fraud trial against CFO of American Realty Capital Properties.

Edward Jones is winning the Google search war

Brokerage firm's digital marketing investment helps land it at the top of local and overall search engine results, report finds.

Voya's win in 401(k) fee suit involving Financial Engines bodes well for other record keepers

Fidelity, Aon Hewitt and Xerox HR Solutions are currently defending against similar fiduciary-breach claims.

Collective investment trusts getting more attention from 401(k) advisers

The funds are catching on due largely to lower costs and more product availability, but come with some inherent drawbacks.

Vanguard rides robo-advice wave to $65B in assets

Personal Advisor Services, four times the size of its closest competitor, combines digital and human touch.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print