Beacon Pointe Advisors, a Newport Beach, Calif., RIA acquirer that was ranked a top 20 RIA firm in AUM by Financial Advisor magazine, has acquired two firms with $600 million in client assets, the company said in a press release today.
The two firms bring Beacon Pointe's total assets under advisement to just shy of $37 billion. The firm said it has done four total RIA transactions in 2024 so far.
The larger new addition is Bridge Advisory, a 35-year-old Pasadena, Calif., advisory firm with $460 million in clientt assets. Bridge Advisory offers comprehensive wealth management, including financial and retirement planning and wealth management, to clients across the country. The firm is helmed by Dave Penniall and Vanessa Burnett, both of whom will become Beacon Pointe partners, Beacon Pointe said.
Bridge has 10 team members and many of them are former collegiate and professional athletes, according to Beacon Pointe.
Beacon Pointe has also added Charleston Investment Advisors in Mt. Pleasant, S.C. The firm serves wealthy individuals, their families and their businesses. It was founded by Stephanie W. Mackara, the author of "Money Minded Families," a primer on how to teach financial literacy to kids. Mackara will also join Beacon Pointe as a partner.
Beacon Pointe CEO and founder Shannon Eusey, said, " The Bridge Advisory team's local knowledge, strong client presence, athlete-driven discipline, and Charleston Investment Advisors' women-led governance and personalized client-service process make this move a natural progression."