Beacon Pointe Wealth Advisors, an independent RIA based in Newport Beach, has acquired Pacific Pointe Advisors, a Santa Barbara-based RIA.
The Pacific Pointe partnership adds US$175 million in assets under management to Beacon Pointe, which expects to be at approximately US$1 billion in AUM by the end of the year.
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Terms of the deal were not revealed. This deal is the fifth for Beacon Pointe Wealth Advisors, which has been rapidly expanding through acquisitions since it was formed in 2011.
Matt Cooper, cofounder of Beacon Pointe Advisors, said: "We’re bringing together smaller advisers, helping them solve a lot of the ongoing operating issues and helping them grow and maximize their opportunities.
The increasing costs and the complexity of doing business, along with concerns of succession planning for older advisers, are pushing consolidation in the wealth advisory sector," he added.
David DeVoe, a strategic consultant to BPWA, said: "Beacon Pointe is leveraging the scale and infrastructure of its US$6 billion business to provide BPWA Santa Barbara with a more concentrated focus on accelerating growth."
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By GlobalDataBeacon Pointe Wealth Advisors said it is actively looking to expand and is interested in growth focused, qualified advisors in the US$100 to US$300 million range to join as regional partners.
