Beacon Pointe Advisors of Newport Beach Calif., today announced that it has acquired Altavista Wealth Management, a $700 million North Carolina firm with offices in Asheville and Charlotte, according to a news release.
Financial terms of the transaction, which closed on February 1, were not disclosed.
Founded in 2003, Altavista is led by Dan Akers and Kyle Boyd, who will both become partners and managing directors at Beacon Pointe. The firm, the release noted, “has focused on building a strong business with their clients’ goals and aspirations top of mind with focuses and expertise in trust and corporate fiduciary services and estate planning.” The team also includes eight other professionals.
“For our team, there is no substitute for time spent with clients, so to be able to tap into these incredible expanded resources that will allow our team to spend more quality time with clients delivering on a premier service experience is something we are truly excited about,” Akers said in a statement. Akers, according to his Investment Adviser Public Disclosure (IAPD), first registered with the industry in 1997 and worked for Merrill Lynch Pierce Fenner & Smith until 2003.
Boyd, according to IAPD, first registered in 2001 and worked for Boys Arnold & Co., until 2003. He said it was immediately clear that from a culture standpoint, Beacon Pointe was the right fit for their team. “The people, the sense of community and the long-term goals and organizational initiatives that exist at Beacon Pointe so clearly align with the principles that make up the fabric of our Altavista team,” he said. “We couldn’t have asked for a better firm to merge with as we take this next step toward expanding our business and service offerings.”
The Altavista team, the release noted, has been devoted to developing initiatives serving women investors, and its “Women in Conversation” initiative, spearheaded by Jacqui Friedrich in 2013, will continue as part of Beacon Pointe’s Women’s Advisory Institute.
Matt Cooper, president of Beacon Pointe Advisors, said, “Altavista’s extensive team, alignment in culture, and deep ties with their respective communities speak to how great this team is, and we are honored to have them represent Beacon Pointe in their local marketplace.”
Altavista is the third partnership for Beacon Pointe in the Carolinas in the past 14 months. Last year, it established offices in the state through a partnership with DMJ Wealth Advisors, which has offices in Greensboro, Durham, Sanford and Wilmington.
Beacon Pointe CEO Shannon Eusey added that Altavista has built strong roots within their local community and have an outstanding rapport with their clients. “I am confident they will only continue to excel with the support of Beacon Pointe behind their incredibly talented team,” she said.