California-based RIA integrator Beacon Pointe Advisors completed its largest 2023 acquisition to date on April 15, adding more than $1 billion in assets and offices in New York City and Long Island.
The deal to buy YorkBridge Wealth Partners, founded in 2016, brings Beacon Pointe to more than $26 billion in client assets and establishes the firm’s first locations in New York state.
YorkBridge offers financial planning, portfolio management and pension services to around 320 clients, primarily high-net-worth individuals, in 15 states. The decision to join Beacon Pointe was driven by a desire for growth and scale, according to Monday’s announcement, in addition to a need to create clear career paths and provide more professional development opportunities to the firm’s employees.
Managing partners Carrie Gallaway and Andrew Stern join Beacon Pointe as partners and managing directors, bringing three advisors and three professional staff members.
"We have recognized an expansive and growing need for comprehensive wealth planning services in the greater New York area,” Gallaway said in a statement. “We look forward to leveraging Beacon Pointe's deep well of resources and proven allWEALTH service offerings to fill that need."
The firm’s allWEALTH approach to private wealth management includes financial assessment and goals-based planning, as well as asset allocation and portfolio customization combined with ongoing monitoring and progress reports. Beacon Pointe also provides institutional consulting and retirement planning services, in addition to offering partnership opportunities to other RIAs.
Founded by CEO Shannon Eusey in 2002, Beacon Pointe is the largest female-led registered investment advisor in the nation. Eusey has grown the firm from one office and zero assets to 47 locations in 19 states, with more than 230 advisors overseeing more than $26 billion in assets.
In 2022, KKR-backed Beacon Pointe President Matt Cooper won a WealthManagement.com Industry Award for M&A Leader of the Year.
"We entered the tri-state marketplace with our Heller Wealth partnership in 2019, and we are excited to expand the Beacon Pointe family of offices in New York," Cooper said. "The YorkBridge team is a force to be reckoned with and has developed strong roots in both the Hamptons and New York City.”
Terms of the deal were not disclosed.