AlphaCore Wealth Advisory has launched AlphaCore Streamline (AC Streamline), as a family office affiliate through the purchase of Streamline Family Office.
Financial terms of the deal remain undisclosed.
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The new unit will function as a separate affiliated business focused on non-advisory family office services.
The transaction forms part of AlphaCore’s effort to develop a broader wealth management structure, while adding services for ultra-high-net-worth families through a distinct family office arm.
Streamline is based in Dover, Massachusetts and was founded by Katie Sullivan, who has been overseeing the business for more than 25 years.
Sullivan said: “Our partnership with AlphaCore gives us the opportunity to continue to evolve with our current clients and bring that same level of attention to even more families with greater capabilities.”
The company delivers independent family office services to ultra-high-net-worth families and has a team of 15.
Its senior staff include chief relationship officer Amy Johnston, chief operating officer Rebecca Sliwoski, chief financial officer Trisha Presley, and family advisor leader Andrea Longo Carter.
The group accounts for around $5bn in combined assets.
The creation of AC Streamline builds on the non-advisory family office foundation it has developed in recent years, led by Tara Dekel, director of AlphaCore Family Office.
The step comes after AlphaCore expanded into tax preparation and planning last year.
AlphaCore founder and CEO Dick Pfister said: “What makes a true family office relationship different is the level of intimacy and trust it creates. It goes beyond managing investments to understanding the dynamics, priorities, and aspirations of the family.
“It is rare to find a team that has spent decades doing this work and has developed the depth of knowledge and relationships that come from that experience. AlphaCore was founded with a vision to provide an enduring boutique, premium client experience, and Streamline is exactly what we were looking for as we continue to build that vision.”
Last month, AlphaCore Wealth Advisory acquired Brave Family Advisors, a wealth management firm managing $700m in client assets.
