Beacon Pointe Advisors, a Newport Beach, California-based registered investment adviser managing $10 billion, has acquired DMJ Wealth Advisors, which manages $610 million through four offices in North Carolina, from an accounting firm, DMJ & Co.
The acquired firm has been renamed Beacon Pointe North Carolina and will continue to work with DMJ & Co., as 70% of the wealth management firm’s clients use the services of the accounting firm.
DMJ Wealth Advisors is led by Charles (Chuck) Carrick, Sheryl Austin and Jeff Hwang.
The DMJ deal marks Beacon Pointe's seventh acquisition of a registered investment adviser in the past five months. The seven RIAs had assets under management totaling more than $3.6 billion.
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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