Beacon Pointe Advisors has bolstered its presence in the US state of Arizona with the acquisition of $430m Stonegate Capital Advisors.

Under the terms of the deal, Stonegate will merge with California-headquartered wealth advisor’s existing Scottsdale office. It will maintain a second location in the southern area of the Scottsdale region.

Stonegate owner Jameson Houten will join the firm’s existing team of partners and managing directors in the Arizona office as its sixth partner.

According to the firm, the combined office will manage $2.1bn in assets and focus on serving clients in the Phoenix Valley and throughout the Southwest.

Beacon Pointe Advisors president Matt Cooper said: “Our very first M&A deal was with Bruce Meyer over a decade ago creating our original Arizona office.

“This office is now a success model of multiple acquisitions integrating partners that are great culture fits, and we’ll continue to look for more of these merger and acquisition opportunities in other regional markets across the country.”

Established in 2002, Stonegate specialising in business planning, estate, tax and asset protection planning.

Commenting on the deal, Houten said: “Our partnership with Beacon Pointe allows us to bring in unique resources that enable us to evolve alongside our clients and meet the expectations of the increasingly dynamic and tech-focused world in which we live.”

In August this year, Beacon Pointe acquired Denver-based firm Northstar Investment Advisors, which oversees $1bn in assets.

Last year, the firm merged with Louisiana-based peer CBD Wealth Management, adding $690m in assets to its books.