Beacon Pointe Wealth Advisors, an independent RIA based in Newport Beach, Calif., has acquired Pacific Pointe Advisors, an RIA based in Santa Barbara, Calif., Beacon Point announced Monday.
The Pacific Pointe partnership adds $175 million in assets under management to Beacon Pointe, which expects to be at approximately $1 billion in AUM by the end of the year. Terms of the acquisition were not revealed.
Beacon Pointe is actively seeking to partner with firms in the $100 million to $300 million AUM range. The goal is to add one firm per quarter to the Beacon Pointe platform, Beacon Point says.