Beacon Pointe Wealth Advisors, the aggregator arm of Newport Beach, Calif.-based registered investment adviser Beacon Pointe Advisors, has picked up a $300 million firm, TPW Financial, as it expands to the East Coast.
The deal, the first for Beacon Pointe Wealth Advisors in almost a year, brings BPWA's assets under management to around $1.4 billion. The parent company, Beacon Pointe Advisors, which was founded in 2002, has around $7.5 billion in assets under management excluding Beacon Pointe Wealth, according to its ADV filing.
It is the latest in a series of deals this year, which have been occurring at
a faster clip as the economy has boosted valuations and cash at RIAs.
The acquisition adds two advisers, Chitra Staley, who founded TPW, and Mark Mathers, who was introduced to Beacon Pointe Wealth Advisors president Matt Cooper through a mutual friend. Before joining TPW, Mr. Mathers had been a managing director at Banyan Partners before joining Boston Private Wealth
by way of acquisition in July.
Beacon Pointe Advisors founded BPWA in 2009 and added its first firm in 2011 with the goal of growing through acquisition of existing RIAs and breakaways from larger firms. The firms who join operate under the Beacon Pointe Weatlh Advisors name and use Beacon Pointe's platform but are in charge of their own office and expenses. The model resembles that of an an independent broker-dealer, according to Mr. Cooper. Acquired advisers are given equity in Beacon Pointe Wealth Advisors as part of the deal.
The last team that BPWA added was in November and included a four-person team from Capital Investment Counsel Inc., which was
acquired by United Capital Financial Advisers in February.
