At a glance
- The largest is WorthPointe Financial Planners, which has offices in California and Texas and oversees about $1 billion in client assets.
- The three disclosed figures of about $1 billion, $200 million and $150 million sum to the $1.35 billion in client assets the deals added.
- For an advisor weighing a sale, the report quantifies size and fit but not terms.
Beacon Pointe Advisors disclosed three acquisitions on Tuesday and said the additions carry it past $70 billion in assets under management. The largest is WorthPointe Financial Planners, which has offices in California and Texas and oversees about $1 billion in client assets.
The three disclosed figures of about $1 billion, $200 million and $150 million sum to the $1.35 billion in client assets the deals added. The $200 million belongs to Silver Lake Capital Partners of Dallas, which advises individuals, families, foundations and retirement plans. The $150 million is R Meier Wealth Management of Fort Atkinson, Wisconsin, which has worked with local families for more than three decades and whose practice centers on customized portfolios and plans shaped by tax strategy, retirement, estate and trust work.
For an advisor weighing a sale, the report quantifies size and fit but not terms. InvestmentNews's report gives no purchase price, revenue multiple, earn-out schedule or equity rollover for any of the three firms.
The reasons the sellers give are cultural and operational. Anthony Ferreira, a partner and senior wealth advisor at WorthPointe, said Beacon Pointe respects "the culture and client relationships we have built while providing expanded resources and capabilities to support our continued growth." Dave Malleck, a partner and managing director at Silver Lake, said the decision came down to finding "a strong culture across both the home office and local teams, a robust technology platform and a growth-oriented mindset." Mark Meier, a partner and senior wealth advisor at R Meier, said the team "could not be more excited to join the Beacon Pointe team."
Beacon Pointe now counts more than 850 employees across more than 90 offices. Matt Cooper, who succeeded Shannon Eusey as CEO in February after 15 years as president, said the three firms share "a deep commitment to their clients and a belief in the value of comprehensive financial advice."
InvestmentNews's report gives no purchase price, revenue multiple, earn-out schedule or equity rollover for any of the three firms.
Wealthspire's Ground Control adds a London manager
Wealthspire, through its Ground Control Business Management division, acquired Atlantic Swiss, a London private wealth manager with more than $1 billion in assets under management and administration. InvestmentNews's report gives no consideration figure for that transaction either.
The two totals are not stated in the same unit. Beacon Pointe's $1.35 billion is client assets; Atlantic Swiss's $1 billion is assets under management and administration, so the figures do not support a like-for-like comparison of what each transaction brought in.
Reported by the Succession & selling a firm desk from InvestmentNews. Published . Corrections