Beacon Pointe Advisors, a Newport Beach, California-based wealth manager, has acquired Benchmark Private Wealth Management from Benchmark Bank in Texas.
Benchmark’s eight staffers, who manage $600 million from offices in Dallas, Waco, Plano, Austin and Houston, “will maintain a professional third-party referral relationship with Benchmark Bank to provide wealth management, investment advisory and financial planning services to clients of the bank," Beacon Pointe said in a press release.
Terms of the acquisition were not disclosed.
The Benchmark team is led by Wayne McCullough, Keith Ferguson, Allen Ferguson and Rawles Bell, who have will all be partners at Beacon Pointe. They were joined in the move by team members Jamie Montgomery, Skylar Ricard, Olivia Costanza and Webb Mulligan.
Elsewhere, Wells Fargo Advisors adds a $400 million Morgan Stanley veteran in Naples as an ex-Cetera advisor goes independent with LPL
According to a federal charges Bradley Heppner, 60, received more than $150 million in payments through funneling money from GWG Holdings to a shell company.
A $1B fund allegedly skimmed 30% off the top, then swapped cash for locked-up stock.
Insiders allegedly rewrote projections three times in four days.
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