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.
While industry statistics pointing to a succession crisis can cause alarm, advisor-owners should be free to consider a middle path between staying solo and catching the surging wave of M&A.
New joint research by T. Rowe Price, MIT, and Stanford University finds more diverse asset allocations among older participants.
With its asset pipeline bursting past $13 billion, Farther is looking to build more momentum with three new managing directors.
A Department of Labor proposal to scrap a regulatory provision under ERISA could create uncertainty for fiduciaries, the trade association argues.
"We continue to feel confident about our ability to capture 90%," LPL CEO Rich Steinmeier told analysts during the firm's 2nd quarter earnings call.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
