Beacon Pointe Advisors, a Newport Beach, California-based registered investment advisory firm with approximately $13.7 billion of assets under administration, has acquired Wealth Design, an RIA managing $350 million in San Jose, California.
The three-adviser Wealth Design team is led by founder Gene Ka and includes Thu Ka and Melissa Ochoa.
Gene Ka left American Express in 1996 to form Ka Demmler & Associates, which became Wealth Design in 2000.
In a press release, Ka cited succession planning as motivation for the move. "I had tried to hire an advisor as a part of my succession plan, but I never found the right person," he said. "I then started to look for a like-minded partner to help the firm grow and to also secure the future for my clients."
Insiders say the Wall Street giant is looking to let clients count certain crypto holdings as collateral or, in some cases, assets in their overall net worth.
The two wealth tech firms are bolstering their leadership as they take differing paths towards growth and improved advisor services.
“We think this happened because of Anderson’s age and that he was possibly leaving,” said the advisor’s attorney.
The newly appointed leader will be responsible for overseeing fiduciary governance, regulatory compliance, and risk management at Cetera's trust services company.
Certain foreign banking agreements could force borrowers to absorb Section 899's potential impact, putting some lending relationships at risk.
How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave
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