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Beacon Pointe Advisors Adds Two Wealth Mgmt Practices

By Alex Padalka January 15, 2021

Beacon Pointe Advisors says it has acquired two more wealth management firms at the end of 2020, bringing its total for the year to four.

The latest additions are Greenville, S.C.-based CDA Group, which has around $510 million in client assets, and Vero Beach, Fla.-based Essex Wealth Management, which oversees $110 million, Beacon Pointe says.

CDA Group, which caters to clients in the Carolinas, will bring Beacon Pointe seven team members, including partners Joe Schofield, Kent Giguere and Steven Bright, the company says.

"In addition to all of the usually important components of a partnership — ensuring the care of our clients and culture alignment — I wanted to make sure the next generation of our team had a big, bright future, and Beacon Pointe was an ideal partner for making this happen," Schofield says in a statement.

The addition of Essex, which serves an ultra-high-net-worth client base, will bring Kerstin Murphy and Michael Himmel to Beacon Pointe, the company says, adding that the acquisition also represents the firm’s second Florida office.

Both deals closed on December 31, as did Beacon Pointe’s acquisition of the $690 million practice, CBD Wealth Management.

The companies didn’t disclose the financial terms of any of the three deals.

In March 2020, Newport Beach, Calif.-based Beacon Pointe merged Beacon Pointe Advisors and Beacon Pointe Wealth Advisors, its two operating RIAs, into one entity operating as Beacon Pointe Advisors. The same month, the company sold a minority stake to private equity shop Abry Partners, in part to drive acquisitions, Beacon Pointe said at the time.

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