Beacon Pointe Advisors today announced that it has acquired Rainier Financial Group, a Seattle-based firm with $500 million in assets under management.
This marks the sixth acquisition this year for Newport Beach, Calif.-based Beacon Pointe and its 25th U.S. office. Beacon said it has acquired more than $3.5 billion in AUM so far this year and has surpassed $20 billion in assets under advisement.
Financial terms of the transaction were not disclosed.
The Ranier team of four includes partner and managing director Grant Hartvigson, senior wealth advisors James Simone and Kimberly Arnesen, and client service associate Lauren Reisenauer.
“From the very first Zoom meeting we had with the Beacon Pointe leadership team and subsequent meetings with other nationwide partners, it was clear to us that Beacon Pointe's culture and mindset was analogous to what we have built at Rainier,” Hartvigson said in a statement. “We're incredibly excited to see what a future at Beacon Pointe unlocks for our team now that we have access to best-in-class technology, sophisticated investment strategies, and incredible team members.”
Beacon Pointe CEO, Shannon Eusey said that as Beacon Pointe continues to expand its national footprint, the alignment of their core values to that of potential partner offices is a must. “It was abundantly clear from the start that the Rainier team is completely aligned with Beacon Pointe with respect to culture. We are excited to have them on board to continue our efforts in upholding our duties to our clients and our expanding professional staff,” she said.
Added Matt Cooper, Beacon Pointe president, “Plain and simple, the team at Rainier are just a really great group of people doing really good things for clients. Our resources will help their team alleviate growing pain points and scale their business. I'm personally really excited for this incredible group of people to join our company.”