Newport Beach, Calif.-based Beacon Pointe Advisors today announced that it has acquired CBD Wealth Managment, a Louisiana registered investment advisor with $690 million in assets under management and advisement.

CBD, located in Metairie, La., a suburb of New Orleans, brings to Beacon Pointe 11 additional members, including three partners, Rocky Daigle, Bobby Comeaux and Walter Bond.

Daigle said the team selected Beacon Pointe because of its culture. “Beacon Pointe has tremendous expertise in the areas of investment management, financial planning, and all the other areas you'd expect from one of the top RIAs in the country, but it's the collaborative, sharing environment and the great people that made Beacon Pointe really stand out,” he said in a statement.

The three natives of New Orleans join Beacon Pointe as managing directors and partners. The release noted that their relationship goes back to high school, prior to collectively founding CBD Wealth Management. Daigle, who was a practicing attorney, turned to building a financial planning business in 2000, founding CBD Wealth Management in partnership with Comeaux and Bond, who also began their careers as attorneys.

Bond said joining Beacon Pointe will give them access to enhanced resources, including a larger investment management team and a broader financial planning department. “Moreover, this partnership provides our team members with a clearly defined career path to aid in retention and attraction of talented professionals,” he said.

Added Comeaux: “As we've grown, the behind-the-scenes work was eating away at more and more of our time. This partnership will free us up to focus on what's most important – our clients and their financial needs.”

Beacon Pointe’s partner and president, Matt Cooper, said there's a culture fit between Beacon Pointe and CBD. “And that is of paramount importance to both firms. Our synergies are profound, and as always, we are truly excited to partner with great people. This merger in the NOLA region showcases Beacon Pointe's drive for growth and continued national expansion entering another key geographical area of the country to be closer to clients and further expand our footprint,” he said.

Founded in 2002, Beacon Pointe Advisors is one of the largest independent registered investment advisory firms in the nation with more than $11 billion in assets under management and advisement and offices and clients throughout the U.S.