Beacon Pointe Advisors today announced that it has acquired Northstar Investment Advisors, a Denver.-based firm with more than $1 billion in assets, according to a news release.
The deal closed on Monday, and financial terms of the transaction were not disclosed.
Northstar was co-founded in 1995 by veteran financial advisors Frederick Taylor and Robert Van Wetter who, along with Charles Farrell, lead the team and will serve as partners and managing directors at Beacon Pointe Advisors. They are joined by six team members across various portfolio management, operational and client service roles. Northstar now operates under the Beacon Pointe banner.
“Our merger and subsequent partnership with Beacon Pointe are game changers for our clients and employees,” Taylor, who was president of Northstar, said in a statement. “Beacon Pointe was a perfect fit for us in terms of personalities, long term goals and organizational skills. They also have a very strong commitment to giving back to their local communities as we have for the past 26 years.”
“We felt Beacon Pointe had the most compelling wealth management platform for our clients as we look to expand our financial and legacy planning services,” said Farrell, who was Northstar's CEO. He noted that Beacon Pointe also provided the team access to institutional quality investments in areas such as impact, ESG and private equity investing, which many of their clients have a growing interest in.
Shannon Eusey, Beacon Pointe CEO, said they are “extremely excited to have a robust presence in the Denver marketplace. Fred, Bob and Charlie have built many long-lasting relationships throughout the entire state of Colorado and beyond, and we look forward to what their team will be able to do now powered by the resources of Beacon Pointe.”
With the addition of Northstar, Newport Beach, Calif.-based Beacon Pointe has surpassed $20 billion in assets under advisement.