Beacon Pointe Advisors, a Newport Beach, California-based RIA managing $10 billion, has acquired Wealthstreet Investment Advisors, a Dallas-based registered investment advisory firm managing more than $1 billion.
Wealthstreet’s Joe Ray, Michael Kane and Michael Beck join Beacon Pointe as managing directors, with Leslie Reynoso and Lynette Heil also joining as equity partners.
Wealthstreet was founded as Gerald L. Ray and Associates in 1977 and adopted its current name in 2017.
The deal brings Beacon Pointe's AUM in the Dallas area to about $2 billion, according to the press release, following a 2016 acquisition in the area.
A private partnership, Edward Jones is a giant in the retail brokerage industry with more than 20,000 financial advisors.
Meanwhile, Raymond James and Tritonpoint Partners separately welcomed father-son teams, including a breakaway from UBS in Missouri.
Paul Atkins has asked staff to solicit public comment on novel ETFs, pausing the clock on as many as 24 filings linked to the booming event contracts market.
From 401(k)s to retail funds, Deloitte sees private equity and credit crossing into mainstream investing on two fronts at once.
Big-name defections from Morgan Stanley, UBS, and Merrill Lynch headline a busy two weeks of recruiting for the wirehouse.
Wellington explores how multi strategy hedge funds may enhance diversification
As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management
