$37B RIA Beacon Pointe gets bigger with bicoastal deals

Beacon Pointe Advisors is extending its bicoastal footprint as it embraces two elite wealth firms into its growing community.

On Tuesday, the leading female-led RIA announced its acquisition of Bridge Advisory and Charleston Investment Advisors, expanding its presence in Southern California and South Carolina.

Bridge Advisory, with offices in Pasadena and Newport Beach, oversees $460 million in assets, while Charleston Investment Advisors, based in Mt. Pleasant, manages $140 million. The firms bring Beacon Pointe’s total assets under advisement to nearly $37 billion, while marking the firm’s fourth acquisition of 2024 after its partnership with Joslin Capital Partners in June and its mid-Atlantic market debut with Keeney Financial Group in March.

Bridge Advisory, a firm with more than three and a half decades of experience, offers comprehensive wealth management services, including financial planning, retirement strategies, and investment management to a multigenerational base of clients from across the country. The team of seasoned professionals, which includes former collegiate and professional athletes, is led by Dave Penniall and Vanessa Burnett, who will join Beacon Pointe as partners.

In a statement, Penniall emphasized that both firms share a “client-first priority,” adding that "Beacon Pointe corporate leadership team, advisor teams, and their expansive quality of services are exceptional.”

Burnett echoed the sentiment, highlighting how Beacon Pointe’s operational capabilities will benefit their clients: “The back-office efficiencies of scale...will help our clients experience better, faster, more efficient service, and help our team continue to thrive and grow.”

Meanwhile, Charleston Investment Advisors, a boutique firm led by founder Stephanie W. Mackara, focuses on serving high-net-worth individuals and families with a holistic approach to wealth management. Mackara, a financial literacy advocate and author of "Money Minded Families," expressed confidence in the new partnership.

“Trust is the foundation of any successful relationship. I trust the team at Beacon Pointe and know that our clients...will greatly benefit from their deep talent and resources,” she said.

Beacon Pointe CEO Shannon Eusey described both acquisitions as "effortless," highlighting the new teams' "shared values and vision" with her firm.

The deal with Bridge Advisory was completed on September 30, while the Charleston Investment Advisors transaction is expected to close in the fourth quarter of the year.