Another RIA acquisition — and it's in California again

Deals for registered investment advisor firms keep on coming. Beacon Pointe Advisors on Monday will announce the addition of its third partner firm, Wealth Management Network of Newport Beach, Calif., which has $130 million in assets under management. This latest acquisition comes days after two larger deals were announced. Luminous Capital Holdings on Nov. 2 sold itself to San Francisco-based First Republic bank for an undisclosed sum. And on November 7, Evercore Wealth Management LLC announced that it had agreed to acquire Mt. Eden Investment Advisors LLC, a San Francisco wealth manager with $645 million in client assets. At the end of September, Beacon Pointe Advisors had $5.5 billion in assets under management. Terms of its deal for Wealth Management Network were not disclosed. Beacon Pointe is looking to expand nationally and add between 35 to 40 offices in the next ten years. “We're making this simple,” said Matt Cooper, president of Beacon Pointe, in a statement. “It's about business continuity after the adviser retires, or about accelerating organic growth, or finding a partner to help identify qualified candidates to join you – or all of the above.”