Beacon Pointe Advisors, a Newport Beach, California-based wealth manager, has acquired Benchmark Private Wealth Management from Benchmark Bank in Texas.
Benchmark’s eight staffers, who manage $600 million from offices in Dallas, Waco, Plano, Austin and Houston, “will maintain a professional third-party referral relationship with Benchmark Bank to provide wealth management, investment advisory and financial planning services to clients of the bank," Beacon Pointe said in a press release.
Terms of the acquisition were not disclosed.
The Benchmark team is led by Wayne McCullough, Keith Ferguson, Allen Ferguson and Rawles Bell, who have will all be partners at Beacon Pointe. They were joined in the move by team members Jamie Montgomery, Skylar Ricard, Olivia Costanza and Webb Mulligan.
The latest arrivals, including a 10-advisor ensemble from Ameriprise, bolster the firm's independent contractor and employee advisor channels.
The firm has also appointed Mike Downing and Sean Brennan as co-presidents to its US operations as it looks to proceed with an ambitious five-year growth plan.
Meanwhile, Kestra partner Coastline Wealth Management passes a milestone in its geographic expansion with a former Ameriprise team in New York.
New research also reveals that one third of HSA holders withdrew more than they put in.
Blue Anchor Capital Management and Pickett also purchased "highly aggressive and volatile" securities, according to the order.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
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