Beacon Pointe Advisors is expanding its presence in New York City with the largest acquisition so far this year.
The firm announced Monday that it had completed a deal to buy YorkBridge Wealth Partners, a registered investment advisor with $1 billion in assets under management. The deal pushes Beacon Pointe’s total AUM past $26 billion. Terms of the deal were not disclosed.
Beacon Pointe, which is headquartered in Newport Beach, California, established a footprint in the tristate New York metropolitan area in 2019 with the acquisition of New Jersey-based Heller Wealth Advisors. Bringing in YorkBridge, which has offices in New York City and Bridgehampton, New York, helps boost that presence, said Beacon Pointe president Matt Cooper.
YorkBridge won’t be Beacon Pointe’s last move in the area, either, Cooper said.
“We are really focused on building a density in the New York City area,” he told InvestmentNews. “[YorkBridge] is definitely the first of a few deals to help us build out the New York tristate area.”
YorkBridge was founded in 2016 by Carrie Gallaway, a certified financial planner with 20 years of industry experience, and Andrew Stern, who spent more than 16 years at Morgan Stanley. The two will join Beacon Pointe as partners and managing directors and will bring along three advisors and three additional staff members.
Beyond the assets, Beacon Pointe is looking to bring advisors who will be accretive to the team, Cooper said. Gallaway and Stern bring gender balance that is in line with the rest of Beacon Pointe, and are both relatively young compared to the average age of the RIA industry, he said.
“They are more focused on the next five to 10 years, building and growing the market, not just cashing a check and walking away,” Cooper said.
The decision to join Beacon Pointe was from a desire to expand and grow the business, said Galloway, adding that there's an “expansive and growing need for comprehensive wealth planning services in the greater New York area.”
The deal can also provide YorkBridge’s employees with a clear career path and new professional opportunities, Stern added.
“For us, it’s all about taking care of our clients and our employees,” he said in a statement.
Also, Orion has added BlackRock, Fidelity, and Vanguard to its custom portfolios suite, and RedBlack has set up a new headquarters after crossing a trillion-dollar milestone.
Also, New York-based Legacy Edge Advisors names its first-ever CEO, while Novare Capital Management hires a Vanguard veteran with a multigenerational planning focus.
Asset managers are racing to bring private market products to retirement plans, but cost and liquidity concerns linger.
Treasury's latest tax-exemption crackdown on private schools lands in the wake of a separate push to restrict refundable credits for some immigrant filers.
Workforce trust measures predicted which companies came out ahead during COVID-19. The same dynamic may now be playing out across the AI transition — and the data suggests the spread could be just as wide.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
