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Financial Advisory  + M&As  + RIAs & Financial Advisors  |  March 3, 2023
KKR-Backed Beacon Pointe Advisors Buys Five RIAs, Adds $1.5B to Client Book
Joe Palmisano
By: Joe Palmisano

KKR-Backed Beacon Pointe Advisors Buys Five RIAs, Adds $1.5B to Client Book

Newport Beach, CA Beacon Pointe Advisors, the largest female-led registered investment advisor (RIA) in the country, acquired five RIAs in the last three months with combined assets of nearly $1.5 billion. The acquisitions extend the firm’s footprint to Illinois, Michigan and Utah.

While financial details of the deals were not disclosed, KKR-backed Beacon Pointe acquired $300 million Midwest Financial Advisor Group with offices in Skokie, IL and Bloomfield, MI; $155 million Denver-based Pinnacle Wealth Management; $240 million Bennicas & Associates in Portola Valley, CA; Ailsa Capital, Beacon Pointe’s first Utah office; and Nexus Wealth Advisors in Santa Cruz, CA.

“Coming off of a busy year of M&A activity in 2021, it was great to keep that same momentum in 2022,” said Matt Cooper, President of Beacon Pointe Advisors. “Not only did we expand into several new territories, including three new offices in the Midwest, but we added further density in existing markets that we have been pursuing for quite some time.”

Beacon Pointe now has approximately $25 billion in client assets and 46 offices across the country.

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About Joe Palmisano

Joe Palmisano is editorial director of Connect Money, where he oversees daily coverage of alternative assets, direct investments, financial advisory and the economy. He brings three decades of experience as a financial journalist, analyst and portfolio manager. Before joining Connect Money, Palmisano wrote for The Wall Street Journal, covering foreign exchange, global fixed-income and equity markets. He later served as a senior research analyst and portfolio manager, producing market analysis and managing foreign exchange and U.S. equity portfolios for FX Concepts. His work has also appeared in SFO Magazine and CMT Association publications. Palmisano earned a bachelor’s degree in finance from The American University and holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.
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