Newport Beach, Calif.-based Beacon Pointe announced that it has acquired YorkBridge Wealth Partners, a firm with $1 billion in assets under management and offices in New York City and Bridgehampton, N.Y., according to a news release.
Financial terms of the deal, which closed on April 15, were not disclosed.
YorkBridge was founded by Carrie Gallaway and Andrew Stern in 2016 after they left Lebenthal Wealth Advisors. According to BrokerCheck, the duo has worked together since 1999, first at Citigroup Global Markets, then at Morgan Stanley in 2009 and Lebenthal Wealth Advisors in 2014. They will join Beacon Pointe as partners and managing directors. Also joining them are three advisors and three professional staff members.
“We are thrilled to formally represent Beacon Pointe in New York City and Long Island,” Gallaway said in a statement. “We have recognized an expansive and growing need for comprehensive wealth planning services in the greater New York area. We look forward to leveraging Beacon Pointe’s deep well of resources and proven allWEALTH service offerings to fill that need.”
Beacon Pointe’s trademarked allWEALTH approach allows advisors to go beyond the macro goals of planning and investing for the long-term financial security of clients and their families, the company’s website noted.
“For us, it’s all about taking care of our clients and our employees. The leadership team at Beacon Pointe shares in this philosophy and has always emphasized a strong culture of collaboration,” added Stern. “We saw such alignment in culture, service mindset and growth opportunity that it was an easy decision for us to become part of the Beacon team.”
According to Beacon Pointe’s president, Matt Cooper, the firm first entered the New York tristate area in 2019 with the purchase of Heller Wealth Advisors, and Cooper said the firm is excited to expand in New York. “The YorkBridge team is a force to be reckoned with and has developed strong roots in both the Hamptons and New York City, so we are excited to have them on board,” he said.
Beacon Pointe Advisors, co-founded by CEO Shannon Eusey in 2002, is one of the largest RIA firms in the nation with more than $26 billion in assets under advisement and 46 offices.