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."
Deal adds a $299 million tax-and-wealth practice as the RIA aggregator advances acquisition strategy around integrated financial and tax planning.
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