Beacon Pointe Advisors, a Newport Beach, California-based registered investment adviser managing $10 billion, has acquired DMJ Wealth Advisors, which manages $610 million through four offices in North Carolina, from an accounting firm, DMJ & Co.
The acquired firm has been renamed Beacon Pointe North Carolina and will continue to work with DMJ & Co., as 70% of the wealth management firm’s clients use the services of the accounting firm.
DMJ Wealth Advisors is led by Charles (Chuck) Carrick, Sheryl Austin and Jeff Hwang.
The DMJ deal marks Beacon Pointe's seventh acquisition of a registered investment adviser in the past five months. The seven RIAs had assets under management totaling more than $3.6 billion.
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.
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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.
