A private-equity firm, Abry Partners, has made a minority investment in Beacon Pointe, a Newport Beach, Calif.-based registered investment advisory firm.
The investment, whose terms were not disclosed, will facilitate the merging of Beacon Pointe’s two RIAs — Beacon Pointe Advisors and Beacon Pointe Wealth Advisors — into a single RIA called Beacon Pointe Advisors.
Abry’s investment will also support continued acquisitions by Beacon Pointe. The RIA announced Monday that it has acquired Ferrell Wealth Management of Orlando, Fla., which has more than $460 million of assets under management. With this transaction, Beacon Pointe has 16 offices and more than $11.5 billion in AUM.
Rajesh Markan earlier this year pleaded guilty to one count of criminal fraud related to his sale of fake investments to 10 clients totaling $2.9 million.
From building trust to steering through emotions and responding to client challenges, new advisors need human skills to shape the future of the advice industry.
"The outcome is correct, but it's disappointing that FINRA had ample opportunity to investigate the merits of clients' allegations in these claims, including the testimony in the three investor arbitrations with hearings," Jeff Erez, a plaintiff's attorney representing a large portion of the Stifel clients, said.
Chair also praised the passage of stablecoin legislation this week.
Maridea Wealth Management's deal in Chicago, Illinois is its first after securing a strategic investment in April.
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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.
