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.