La Jolla, Calif.-based AlphaCore Wealth Advisory has put its new influx of money from Constellation Wealth Capital into hiring new talent.
The firm, with $2.8 billion in assets under management and about 1,200 clients, announced Wednesday it hired Aidan Walsh as head of corporate development. He comes from Focus Financial Partners, where he served as a member of the M&A and Relationship Management team, providing strategic advice, leading business development and executing numerous transactions.
He’s the latest of 11 hires in the past six months at AlphaCore, and the first to hold a leadership title, according to a corporate announcement.
The moves come on the heels of Constellation, a private fund management company run by Karl Heckenberg, purchasing more than a quarter of the RIA’s equity at the end of 2023. It replaced two family office investors in picking up a piece of AlphaCore.
Even before Constellation's investment, AlphaCore was on a growth trajectory, increasing staff to 30 and growing assets by 50% annually since its inception nine years ago.
“AlphaCore’s recent growth has been substantial and is a testament to delivering high quality wealth advisory services to our clients and advisory teams,” CEO and founder Dick Pfister said in a statement. “We have been fortunate to expand our team with top-tier talent, and we are thrilled to welcome Aidan. We anticipate more hires in the coming weeks to bolster more facets of our business.”
Walsh’s role at AlphaCore will be to accelerate the firm’s inorganic growth strategy, according to the company, building on the additions of Magnolia Lane in Greenwich, Conn., and Johnston & Associates in Denver in the past 18 months.
“I have long admired AlphaCore for its innovative approach and dynamic growth,” Walsh said in a statement. “Joining this high-growth, entrepreneurial team is an exciting opportunity. Dick’s visionary leadership and the existing management team have built a company that attracts high caliber talent, which I believe will resonate when partnering with new advisory firms. We have ambitious targets, aiming to dramatically increase AUM by many multiples while maintaining the boutique feel that our clients and advisors value.”
Since launching at the end of 2023, Constellation Capital has made minority investments in a handful of firms, including Perigon Wealth Management, Lido Advisors, AlTi Global and CV Advisors.