Investment firm KKR has taken a minority stake in the parent company of Beacon Pointe Advisors, a Newport Beach, California-based registered investment adviser that manages more than $20 billion.
Beacon Pointe's management, led by CEO Shannon Eusey, will continue to own more than 50% of the firm.
Terms of the transaction, which also will result in the exit of investor Abry Partners, were not disclosed.
The investment by KKR will provide Beacon Pointe with capital to support its national expansion efforts through office openings and acquisitions, the company said in a statement. The money also will fund investment in technology, personnel and employees’ professional growth, and the creation of a Beacon Pointe charitable fund.
"With the support of KKR's deep experience and resources, Beacon Pointe will have the opportunity to further invest in the business and continue to expand our footprint across the nation," Eusey said in the statement.
“It’s time for an economic reset,” wrote the California governor, in a post on X.
Masterworks was launched in 2017 but its RIA, Masterworks Advisers, is just three years old.
One 2017 form, no broker license, and a $42 million gap they say surfaced on a webinar.
Fewer than half of Americans in their peak earning years feel on track for retirement, while many say limited financial knowledge and access to professional guidance are holding them back.
Meanwhile, Wells Fargo hauled advisors overseeing $825 million in the West Coast, while Wedbush has welcomed a seasoned professional from Stifel in California.
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
Direct indexing is on pace to outgrow ETFs and mutual funds. Northern Trust's Ken Lassner explains why the advisors who get it wish they had started sooner.
