Beacon Pointe Advisors, a Newport Beach, California-based RIA managing $10 billion, has acquired Wealthstreet Investment Advisors, a Dallas-based registered investment advisory firm managing more than $1 billion.
Wealthstreet’s Joe Ray, Michael Kane and Michael Beck join Beacon Pointe as managing directors, with Leslie Reynoso and Lynette Heil also joining as equity partners.
Wealthstreet was founded as Gerald L. Ray and Associates in 1977 and adopted its current name in 2017.
The deal brings Beacon Pointe's AUM in the Dallas area to about $2 billion, according to the press release, following a 2016 acquisition in the area.
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.
TCI Wealth Advisors also has also tapped JIFFYAI to unify onboarding and servicing, while TradePMR adds ICE market data to its Fusion advisor platform
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