Beacon Pointe Advisors has crossed the $70 billion AUM mark with a trio of acquisitions, while Wealthspire's Ground Control division gains ground in London as Modern Wealth deepens its own presence in California.
Beacon Pointe disclosed details of three acquisitions on Tuesday, leading with its addition of WorthPointe Financial Planners, which has offices in California and Texas and oversees about $1 billion in client assets. Operating with a team of credentialed professionals, the firm uses technology to blend financial planning and investment consulting with estate planning, asset protection, charitable giving and guidance on employer-sponsored retirement plans.
“Beacon Pointe respects the culture and client relationships we have built while providing expanded resources and capabilities to support our continued growth,” said Anthony Ferreira, a partner and senior wealth advisor at WorthPointe.
In Dallas, Beacon Pointe acquired Silver Lake Capital Partners, which advises on about $200 million for individuals, families, foundations and retirement plans. Drawing on more than four decades of investment industry experience, it takes a goals-based approach to portfolios and planning.
Dave Malleck, partner and managing director at Silver Lake, said the decision to join Beacon Pointe was driven by his firm's focus on finding "a strong culture across both the home office and local teams, a robust technology platform and a growth-oriented mindset."
The third deal brings in R Meier Wealth Management of Fort Atkinson, Wisconsin. The firm has worked with local families for more than three decades and advises on roughly $150 million. Its practice centers on customized portfolios and financial plans shaped by tax strategy, retirement, estate and trust work.
"[W]e could not be more excited to join the Beacon Pointe team,” said Mark Meier, a partner and senior wealth advisor.
Matt Cooper, who succeeded Shannon Eusey as CEO in February after 15 years as president, said of the three firms: “What unites them is a deep commitment to their clients and a belief in the value of comprehensive financial advice.”
Beacon Pointe now counts over 850 employees across more than 90 offices.
Wealthspire, through its Ground Control Business Management division, picked up Atlantic Swiss, a London private wealth manager with more than $1 billion in assets under management and administration.
Marking Ground Control's third overseas transaction in roughly two years following its acquisition of Arena Wealth in June, Atlantic Swiss works mainly with clients in the U.K. and Western Europe, many of them in film, television, sports, music and fashion. It markets a “family CFO” model that combines planning and investment management.
Founder Craig Bell stays on as president and will lead a staff of more than 20, eight of them advisors. He will be supported by Nick Parkinson, who already runs Ground Control’s U.K. division.
“We have been partnering successfully with Ground Control for years now, so joining Wealthspire is the natural step in elevating our client service to the next level,” Bell said.
“As part of Wealthspire, they will serve their clients directly, with added depth and support behind them as the business grows,” said Wealthspire CEO Mike LaMena.
The deal complements Wealthspire Sports & Entertainment, the specialist division Wealthspire launched earlier this month with about $2.9 billion in assets under Frank Marzano.
Monterey, California-based Modern Wealth has added a multigenerational planning team rooted in farm country within its home state.
Based in Lodi, 4thGEN oversees roughly $330 million in assets for its clientele of business owners, members of the agricultural community, high-net-worth families and clients nearing or in retirement. Its work spans investment management, retirement planning and business succession.
Advisors Kenneth Levy, Corey Daniel and Dudley McGee are joining, along with senior client associate DeAnn Murray and business development specialist Chris Taylor. The advisors share client relationships rather than each keeping a separate book.
“As we thought about succession, we weren’t looking for a way to step away,” Levy said.
“Having started my own career in nearby Modesto, I also know this region well, and I’m excited to expand Modern Wealth’s presence in a market with such a strong base of families and business owners,” said Jason Gordo, Modern Wealth’s president and co-founder.
The deal follows Modern Wealth’s purchase last month of AWA Wealth Management, a $290 million practice in Auburn, California that serves the Sacramento area.
Trevor Uhls pleaded guilty to one count of wire fraud and one count of money laundering.
Osaic and LPL Financial routinely square off in recruiting advisors from other firms as well as from each other.
The $100B-plus mega-RIA is folding custom portfolios, daily tax-loss harvesting and unified managed accounts into its Aspen advisor tech platform
From using projects as strategic thinking exercises to real-world challenges as problem-solving exercises, indie firms can make for more powerful talent incubators.
New BCG research names financial services among the world's most AI-exposed industries and the US as a top-tier AI economy.
Knighthead Life entered the market with a competitive MYGA. A strong launch earned advisor confidence and paved the way for FIAs.
As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor
