M and A
Beacon Pointe Continues Acquisitions
The acquired business oversees about $1 billion for clients in the New York metropolitan area.
Beacon Pointe Advisors has completed its largest acquisition so far in 2023, partnering with YorkBridge Wealth Partners, an RIA with offices in New York City and Bridgehampton.
The deal takes Beacon Pointe over the $26 billion mark for assets under advisement. YorkBridge oversees more than $1 billion in assets within the New York metropolitan area.
"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," Beacon Pointe president, Matt 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, so we are excited to have them on board."
YorkBridge was founded in 2016. Carrie Gallaway and Andrew Stern will join Beacon Pointe as partners and managing directors, bringing three advisors and three professional staff members. Gallaway, managing partner at the acquired firm, has almost 20 years’ experience in the sector. She began her career as a client service associate with DLJdirect before spending several years at Morgan Stanley. She then went on to co-found YorkBridge in 2016.
Stern brings decades of experience in the wealth and investment management industry. He spent his early career years at predecessor firms including Morgan Stanley among others. He received his MBA from the Leonard N. Stern School of Business at New York University.
The partnership formally closed on April 15, 2023. The financial terms of the deal were not disclosed.
In May last year Beacon Pointe Advisors partnered with two wealth firms: Duncan Financial, based in Carlsbad, California, and Goldstein Group, located in Indianapolis, Indiana. It also made a number of deals in 2021, as reported here.
The activity is an example of continued M&A activity in the RIA space. To see a summary of moves in March, click here. US correspondent Charles Paikert has also examined how rising interest rates and other forces affect the activity.
