Deals & Moves: Beacon Point Adds RIA Focused on Airline Workers
It was a newsy week in U.S. politics, the markets and the economy.
The Democrats outdid even the loftiest prognostications in midterm elections, which was quickly followed by a stock market rise, then an AI-driven rout, and finally a steadying out as the week ended with a solid jobs report.
Meanwhile, here at Wealth Management, we received over 15 press releases announcing deals that addressed none of the above. Which is to say, as usual, wealth management M&A seems to churn on no matter what is happening in the wider world.
Are you an RIA founder or second-generation advisor who has sold to a larger firm? What has the experience been like, and has it changed your plans for the future?
Going forward, we’ll be putting contact information at the bottom of this roundup so you can reach out to us with your stories, tips or ideas about how rampant M&A is reshaping the advisor landscape.
For now, below is a round-up of some of this week’s transactions.
$71B Beacon Pointe Grows with RIA Focused on Airline Workers
Beacon Pointe Advisors, one of the most acquisitive RIAs in the country, has grown to oversee $71 billion in client assets, with a deal to acquire ACT Wealth Management, a $637 million AUM firm with offices in Texas and North Carolina.
ACT was founded in 2010 by Daniel Archer, Brennan Cross and Ray Tanner Jr., who had worked together at a Dallas-based firm called True North Advisors, according to BrokerCheck.
ACT specializes in working with airline pilots, crew members and their families on retirement benefits, early versus normal retirement decisions and distribution planning.
Archer said in a statement that the draw to join Beacon Pointe was partly to offer clients “more comprehensive financial planning, legacy planning or the next stage of life—we want to be ready to serve them well into the future.”
Beacon Pointe CEO Matt Cooper added that ACT’s experience with clients whose retirement decisions require understanding of both employer benefits and family priorities complements the firm’s wealth management approach.
Beacon Pointe, based in Newport Beach, Calif., now has 95 offices in the U.S. It is majority-owned by its employees, with a minority investment from the private equity firm KKR.
Advisor Growth Strategies advised ACT on its move.
Modera Wealth Adds First West Coast Office
Modera Wealth Management, a fee-only RIA based in Westwood, N.J., announced a deal for RS Crum Inc. that establishes the firm’s first West Coast office and boosts its assets under management and advisement to more than $20 billion.
Newport Beach, Calif.-based RS Crum was early to the fee-only model when it was founded in 1976, and has grown to more than 250 households and about $750 million in AUM, according to the announcement.
The nine-member team will join Modera, including firm leaders Mark Rylance, Jon Theriault and Daniel Sexton, who will become wealth managers and principals.
Modera CEO Tom Orecchio said the firm works with clients across the country, including several in Southern California, and that the addition positions it to better support West Coast clients and identify further expansion opportunities.
Rylance said the move would free up more time for him and the other firm leaders to work with clients.
He and his team were advised by Turkey Hill Management on the move to Modera, which is backed by minority investor Tria Capital Partners.
Mercer Advisors Acquires AI-Native Tax Firm
Mercer Advisors, a Denver-based national RIA with $114 billion in client assets, has acquired an artificial intelligence-driven tax and accounting firm, Fifteenth, which has a proprietary platform for managing equity compensation and complex tax situations, according to an announcement.
Fifteenth’s team includes tax professionals from the Big Four accounting firms who have sought to build a firm offering annual tax preparation with year-round planning to manage areas such as stock option exercises, tender offers, liquidity events and multi-entity filings. It currently has 1,000 clients with which it’s working on these trending tax areas.
Cynthia Loh, chief platform officer of Mercer Advisors, said in a statement that the firm expects to meaningfully expand the capacity of its tax teams by integrating Fifteenth’s tools alongside its existing tax infrastructure.
According to its own surveys, Mercer said more than half of ultra-high-net-worth clients joining the RIA are actively seeking tax capabilities. Because of that, tax professionals now make up roughly one in 10 of its employees, a share it expects to reach one in eight by the end of 2026.
Mercer, which is majority-owned by private equity and institutional investors, now has 1,880 employees across 120 locations.
Aprio Makes First Standalone Wealth Acquisition with Texas-Based RIA
Aprio, a wealth advisory and accounting firm based in Atlanta with about $6.1 billion in client assets, has made its first standalone wealth management acquisition with a deal for Garner Asset Management Corporation, a fee-only RIA based in Plano, Texas, with $414 million in assets under management.
The move for the firm founded in 1988 by Robert Garner will give Aprio a base in the Dallas-Fort Worth area with a focus on high-net-worth individuals, retirees and those approaching retirement, holders of concentrated stock positions, and multigenerational families, according to an announcement. With the move, Garner will join Aprio as a partner.
Aprio, which is backed by private equity firm Charlesbank Capital Partners, entered Texas in December 2023 through a combination with accountancy Akin, Doherty, Klein & Feuge and Barrett & Co. CPAs & Advisors, and has since expanded to 150 team members across the state.
Garner, advised by BridgePoint & Company on the move, will join other wealth management practices that Aprio has acquired alongside tax practices.
Robertson Stephens Deepens Colorado Presence
Robertson Stephens Wealth Management, a San Francisco-based wealth manager with more than $11 billion in AUM, announced that Denver-based ALTIUS Financial, with $212 million in AUM, has joined the firm, marking Robertson Stephens fourth office in Colorado.
ALTIUS, founded by Michael Williams, provides financial planning, investment management and personalized client service and is joined by fellow CFP and owner Taylor Dennis, as well as team members Jennifer Kreger and Krescent Williams.
Williams, managing director and principal of Robertson Stephens, said he made the move in part to gain access to scale and resources.
Robertson Stephens, which is backed by private equity firm Long Arc Capital, recently cleared $10 billion in AUM by acquiring an institutional consulting business based in Milwaukee in October.
Want to share your stories or thoughts as an advisor impacted by the RIA M&A market? Contact Senior Reporter Alex Ortolani at [email protected].
