Beacon Pointe Advisors today closed its largest acquisition to date, partnering with Wealthstreet Investment Advisors, a Dallas, Texas-based registered investment advisor with $1 billion in assets under management.
Financial terms of the transactions were not disclosed in a Beacon Pointe announcement released today.
The deal boosts Newport Beach, Calif.-based Beacon Pointe's AUM to more than $5 billion and total assets under advisement to about $14.5 billion. It also expands the RIA’s footprints in the Dallas Fort-Worth area. The combination of Wealthstreet and Beacon Pointe's office in Plano elevates its scale and density to more than $2 billion in that market, the release said.
Matt Cooper, president of Beacon Pointe Advisors, said the Dallas-Fort Worth Metroplex represents one of the most attractive wealth markets in the country, and they are thrilled to expand their footprint to Dallas proper, The Park Cities and Preston Hollow. In 2016, Beacon Pointe opened its first office in Plano, a fast-growing suburb north of Dallas.
“So, we are starting to build a real presence in the Dallas Fort-Worth Metroplex. We are just getting started,” Cooper told Financial Advisor, hinting that there is more to come. But he would only say, "there is something in the works."
Cooper said they were very proactive in securing their biggest deal yet. “We love the people, we love the market, and we love the opportunity.”
Wealthstreet has built its advisory business with organic growth. Its founder Gerald Ray, formerly of Gerald L. Ray and Associates, Ltd., rebranded his firm to Wealthstreet Investment Advisors in 2017. The team includes Joe Ray, Michael Kane, Michael Beck, who join Beacon Pointe as managing directors, with Leslie Reynoso and Lynette Heil as equity partners.
Joe Ray, the son of Gerald Ray, said, “In a world where scale and breadth increasingly matter, Beacon Pointe provides world class research, financial planning and alternatives capabilities while maintaining a culture of dedication and service that Wealthstreet clients have come to expect. My father went out on his own in 1977 as one of Dallas's first independent RIAs believing in a relationship driven and client-centric approach. Beacon Pointe checks all these boxes and more. We look forward to our future together."
Shannon Eusey, CEO of Beacon Pointe Advisors, said the Wealthstreet team is a great fit for Beacon Pointe as both firms share a similar ethos. “Culture is everything, and we are devoted to maintaining a positive environment where our expanding team and clients both synergistically benefit."