Beacon Pointe buys $1B WorthPointe; founder Van Slyke won't join

Beacon Pointe Advisors acquired San Diego-based WorthPointe, a financial planning firm with about $1 billion in client assets, in a deal that closed October 15 and was announced Tuesday. Terms were not disclosed.

Founder Christopher P. Van Slyke, whose majority stake is shown in regulatory filings, will not join Beacon Pointe and is pursuing "other projects," a Beacon Pointe spokesperson said. Anthony G. Ferreira led WorthPointe; he began his career with the firm in 2002, when it was called Trovena, according to registration records and his LinkedIn profile cited by AdvisorHub.

WorthPointe's Austin and Tyler, Texas locations become new Beacon Pointe offices, while staff in San Diego and Newport Beach join existing Beacon Pointe offices, the spokesperson said.

The three deals Beacon Pointe announced together add $1.35 billion and bring the KKR-backed acquirer to nine transactions this year, according to the spokesperson. WorthPointe is the largest: Dallas-based Silver Lake Capital Partners, at about $200 million, closed September 15, and Fort Atkinson, Wisconsin-based R Meier Wealth Management, at about $150 million, closed July 1. Beacon Pointe reported roughly $70 billion in assets as of October 12, and its other billion-dollar transaction this year was the February purchase of $1.2 billion The Financial Advisors in Massachusetts.