Beacon Point Advisors wrapped up 2021 with five acquisitions of RIA, which collectively have more than $2 billion in assets under management, the independent RIA announced this week. This round of year-end deals brings the total 2021 acquisitions of Beacon Point to 14, with more than $7 billion in AUM, compared to four deals in 2020 with an AUM of nearly $2 billion.
Five acquisitions are spread across the country, including the firm’s first offices in Wisconsin and Tennessee. The company now has 33 offices across the United States and approximately $25 billion in assets under advisory, according to Beacon Point CEO Shannon Uic.
News of the five RIA deals coincides with the official closing of an investment in Beacon Point. Private equity firm KKR. From Originally announced in November. Under the terms of the deal, the Beacon Point team would own half the company, with original investor Abri Partners fully disinvested. Leaders at Beacon Point said the funding would aid in opening new offices and making additional acquisitions.
“Backed by KKR’s deep experience and resources, Beacon Point will have the opportunity to further invest in the business and continue to expand its footprint across the country,” UC said of the deal.
The five RIA deals closing 2021 for Beacon Point include Century Wealth Management, a $441 million AUM firm based in Memphis, Tenn.; This will be the first office of Beacon Point in the state. Founder Jay Healy previously worked in the music industry before becoming a financial advisor, and will join Beacon Point as a managing director and partner, along with two team members.
Next Generation Wealth Management has $563 million in AUM, making it the largest of Beacon Point’s five announced acquisitions. The firm is based in Milwaukee, and with the deal Beacon Point will have its first office in that state. Southern Trust Financial Planning, a $405 million AUM Fla.-based firm with offices in Sarasota and Bonita Springs, was also acquired; Owner Mark Wolfe will join Beacon Point as a Managing Director and Partner, while James Cooper will become a Partner and Senior Wealth Advisor, joining seven other team members at Beacon Point.
The Greenwood Village, Colo. The firm will also join Beacon Point, a retirement planning specialist with $229 million in AUM; This will be the firm’s second office in the state. In Newport Beach, Calif., the $385 million AUM firm Newport Wealth Strategies will merge with the already existing Beacon Point office in Newport Beach; This is the firm’s fourth deal in the region (RIA’s headquarters are also there).
Beacon Point was established in 2002, and is the largest independent women-led RIA in the country. In addition to UC, key leadership includes Chief Practice Officer Comey Stevens and President Matt Cooper. According to DeVoe & Company’s 2021 Q4 RIA deal book, Beacon Point’s total acquisition numbers in 2021 placed it among the top acquirers for the year, with frequent acquirers such as Wealth Enhancement Group, Mercer Advisors, Focus Financial, Mariner Wealth and Hightower.