AlphaCore Wealth Advisory has folded a specialized family office practice into its national platform, acquiring a Dover, Massachusetts-based firm as it pushes further into the realm of ultra-high-net-worth service.
The La Jolla, California-based registered investment advisor announced a deal to acquire Streamline Family Office on Tuesday. The new affiliate, which it rebranded as AlphaCore Streamline, is being positioned as a standalone, non-advisory arm dedicated to coordinating the financial and operational lives of UHNW families rather than managing their portfolios directly.
Streamline, founded and led by chief executive Katie Sullivan for more than 25 years, is a women-founded and women-led firm whose 15-person team represents nearly $5 billion in collective client assets. The firm does not select investments or provide investment advice, according to the announcement.
AlphaCore's head of corporate development, Aidan Walsh, argued the deal underscores a distinction he said gets blurred across the wealth management industry.
"'Family office' has become a common phrase in wealth management, but there is an important distinction between offering family office services and operating a dedicated private family office," Walsh said.
The acquisition builds on a non-advisory family office foundation AlphaCore has been developing internally, led by Tara Dekel, director of AlphaCore Family Office, and follows the firm's expansion into tax preparation and planning last year.
"I have always believed families deserve something more personal than a menu of services," Sullivan said. "They need a partner who truly knows their people, priorities, and assets, and who will be there to handle whatever comes up with care, consistency, and discretion."
Dick Pfister, AlphaCore's founder and chief executive, framed the acquisition as filling a gap that technology cannot close. "What makes a true family office relationship different is the level of intimacy and trust it creates," Pfister said. "It goes beyond managing investments to understanding the dynamics, priorities, and aspirations of the family."
He added that AlphaCore was founded to deliver "an enduring boutique, premium client experience," calling Streamline "exactly what we were looking for."
The transaction is the latest data point in a broader industry pattern. Advisors are expanding beyond traditional investment management as ultra-high-net-worth demand grows, with roughly 200,000 ultra-high-net-worth individuals now in the U.S. – a 20% increase since 2023 – pushing RIAs to build or buy dedicated family office capabilities rather than compete solely on portfolio performance.
Read more: RIA moves: Wealthspire launches family office unit to tackle multigenerational complexities
Streamline is also AlphaCore's latest East Coast move after a string of deals that has taken the firm well beyond its Southern California roots. Last month, AlphaCore opened its first New Jersey office through the acquisition of Brave Family Advisors, a $700 million practice that gave the firm a foothold in the New York metro area.
Outside that, the independent firm has been building out tax-integrated planning capabilities with offices across California, Colorado, Texas, and Maryland.
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