Beacon Pointe Advisors is expanding its presence in New York City with the largest acquisition so far this year.
The firm announced Monday that it had completed a deal to buy YorkBridge Wealth Partners, a registered investment advisor with $1 billion in assets under management. The deal pushes Beacon Pointe’s total AUM past $26 billion. Terms of the deal were not disclosed.
Beacon Pointe, which is headquartered in Newport Beach, California, established a footprint in the tristate New York metropolitan area in 2019 with the acquisition of New Jersey-based Heller Wealth Advisors. Bringing in YorkBridge, which has offices in New York City and Bridgehampton, New York, helps boost that presence, said Beacon Pointe president Matt Cooper.
YorkBridge won’t be Beacon Pointe’s last move in the area, either, Cooper said.
“We are really focused on building a density in the New York City area,” he told InvestmentNews. “[YorkBridge] is definitely the first of a few deals to help us build out the New York tristate area.”
YorkBridge was founded in 2016 by Carrie Gallaway, a certified financial planner with 20 years of industry experience, and Andrew Stern, who spent more than 16 years at Morgan Stanley. The two will join Beacon Pointe as partners and managing directors and will bring along three advisors and three additional staff members.
Beyond the assets, Beacon Pointe is looking to bring advisors who will be accretive to the team, Cooper said. Gallaway and Stern bring gender balance that is in line with the rest of Beacon Pointe, and are both relatively young compared to the average age of the RIA industry, he said.
“They are more focused on the next five to 10 years, building and growing the market, not just cashing a check and walking away,” Cooper said.
The decision to join Beacon Pointe was from a desire to expand and grow the business, said Galloway, adding that there's an “expansive and growing need for comprehensive wealth planning services in the greater New York area.”
The deal can also provide YorkBridge’s employees with a clear career path and new professional opportunities, Stern added.
“For us, it’s all about taking care of our clients and our employees,” he said in a statement.
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.
How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave
