A private-equity firm, Abry Partners, has made a minority investment in Beacon Pointe, a Newport Beach, Calif.-based registered investment advisory firm.
The investment, whose terms were not disclosed, will facilitate the merging of Beacon Pointe’s two RIAs — Beacon Pointe Advisors and Beacon Pointe Wealth Advisors — into a single RIA called Beacon Pointe Advisors.
Abry’s investment will also support continued acquisitions by Beacon Pointe. The RIA announced Monday that it has acquired Ferrell Wealth Management of Orlando, Fla., which has more than $460 million of assets under management. With this transaction, Beacon Pointe has 16 offices and more than $11.5 billion in AUM.
Elsewhere, Wells Fargo Advisors adds a $400 million Morgan Stanley veteran in Naples as an ex-Cetera advisor goes independent with LPL
According to a federal charges Bradley Heppner, 60, received more than $150 million in payments through funneling money from GWG Holdings to a shell company.
A $1B fund allegedly skimmed 30% off the top, then swapped cash for locked-up stock.
Insiders allegedly rewrote projections three times in four days.
TCI Wealth Advisors also has also tapped JIFFYAI to unify onboarding and servicing, while TradePMR adds ICE market data to its Fusion advisor platform
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