Kestra Financial Inc., an independent advisor platform in Austin, Tex., has agreed to acquire H. Beck Inc., an independent financial advisor platform with $2.4 billion in assets and $110 million in annual revenues, Kestra announced Tuesday.
This is the largest deal by Kestra since it broke off from NFP in June 2016. Terms of the acquisition were not released.
H. Beck has been owned by Securian Financial Group Inc. for nine years. It will continue to operate under its own name and will remain an autonomously operated RIA and broker-dealer, according to the Kestra's press release. It will not be absorbed into Kestra Financial and will continue to be managed by its existing executive team, the release said.
“This acquisition represents our continued commitment to intentional growth through both organic initiatives and acquisitions. We have a history of making thoughtful acquisitions that align with our values and business strategies, and we believe that the H. Beck advisor force and the clients they serve will benefit from the transaction,” James Poer, CEO of Kestra Financial, said in a prepared statement.
H. Beck is headquartered in Bethesda, Md., with an office in Long Beach, Calif. Both Kestra and H. Beck have nationwide footprints.
“We continue to be an active pursuer of firms in the independent wealth space,” Poer said. “Acquiring H. Beck is a natural extension for us. They have a great history and strong advisors.”